H.I.G. Capital Archives - Medical Design Sourcing

Formerra GM Kelly Wessner [Photo courtesy of Formerra]

Resin distributor Formerra (formerly Avient Distribution) rebranded in 2022 after private equity firm H.I.G. Capital bought the business from Avient Corp.

Romeoville, Illinois-based Formerra now distributes plastic and polymer products from more than 40 suppliers, helping medical device developers and manufacturers — including contract manufacturers — select the best materials for applications such as drug delivery, diabetes devices and remote patient monitoring.

This week, Formerra announced a new Nordic hub in Malmö, Sweden, to better serve customers in Europe. Medical Design & Outsourcing spoke with Formerra GM Kelly Wessner about the polymer distributor’s offerings and growth.

What’s Formerra’s pitch to medtech manufacturers?

Wessner: “A lot of people would probably say, ‘Well, why in the world do we care …

ZimVie (Nasdaq: ZIMV) + announced today that it agreed to sell its spine business to investment firm H.I.G. Capital.

Shares of ZIMV skyrocketed before the market opened on the back of the announcement, rising 23% to $13.80 apiece. They continued to rise as the market opened, jumping 42% to $15.93 apiece.

The sale of the business, valued at $375 million, establishes ZimVie as a pure-play dental company. Westminster, Colorado-based ZimVie spun out of Zimmer Biomet nearly two years ago as a combination of the orthopedic giant’s spine and dental units.

Under the terms of the agreement, ZimVie will receive $375 million in total consideration, including $315 million in cash. The remaining $60 million comes in the form of a promissory note that accrues interest at a rate of 10% per annum. ZimVie’s board of directors approved the transaction and expects it to close in the first half of 2024.

The compa…

H.I.G. Capital

3 questions with Kelly Wessner, GM of resin distributor Formerra

ZimVie to sell spine business, become pure-play dental company