Innovize joins Excel Scientific, strengthening Vance Street Capital's advanced MedTech and Life Sciences materials and contract manufacturing platform

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Nov 29, 2022, 09:45 ET

Innovize's advanced technical and manufacturing capabilities further expand the platform's offerings into new advanced medical and diagnostic applications and provide exposure to innovative, high-growth end markets.

LOS ANGELES, Nov. 29, 2022 /PRNewswire/ -- Vance Street Capital LLC ("Vance Street") has completed the acquisition of Innovize, LLC ("Innovize"), an advanced medical contract manufacturer primarily focused on complex materials conversion for critical components of diagnostics, wearables and electronics-focused devices. Innovize was founded in 1958 and is headquartered in St. Paul, Minnesota.

The acquisition of Innovize by Excel Scientific LLC ("Excel"), which Vance Street partnered with in December 2020, will create a medical and life sciences platform with specialized and differentiated materials expertise and complex manufacturing capabilities that serves customers across a diverse range of medical end markets. "Excel and Vance Street are thrilled to partner with the Innovize team and add complimentary capabilities and end markets to our existing offerings. We look forward to working closely with Innovize to provide the highest quality products and solutions to our customers, and ultimately improve people's lives," said Julie Cameron, CEO of Excel Scientific.

Vance Street plans to invest significantly in both Innovize and Excel's manufacturing capabilities moving forward and pursue complementary M&A to further support Innovize's ability to provide complex solutions for its global customer base. "We are excited about this partnership as it will enable us to provide a broader range of capabilities, products and services, while maintaining our core focus on providing products with a dedication to quality and customer service above all else," said John LeRosen, Partner at Vance Street.

Innovize will continue to be supported by its previous owners, John Ledy and Dave Jessen. "We at Innovize couldn't be more excited to enter this new chapter alongside Excel," said John Ledy. "Vance Street's commitment to invest in our people and our customers aligns with our confidence in the growth of the medical end markets we serve. This partnership catalyzes a new and exciting phase that we believe will yield greater opportunities for collaboration with and innovation for our customers."

"When we first partnered with Excel, they were primarily focused on providing solutions to the life sciences and diagnostics market. Since then, we have successfully developed new products and materials, growing our portfolio of custom solutions used in point-of-care applications. The acquisition of Innovize will diversify the business across other MedTech industries and add additional capabilities that Excel will leverage to better service their existing customers," said Grady Miller, Principal of Vance Street.

Vedder Price LLP acted as legal advisor to Vance Street Capital and Excel. Piper Sandler served as financial advisor to Innovize and Kutak Rock LLP served as legal advisor. Debt financing for the transaction was provided by BMO Sponsor Finance. Terms of the transaction were not disclosed.

About Vance Street Capital LLC

Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, life sciences, aerospace, defense, and industrial sectors. For over two decades, Vance Street's partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.

Media Contact:
Natalie Yates
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SOURCE Vance Street Capital