Expands Automation Capabilities in Medical Device and Life Sciences
August 23, 2022
New York, NY- Arsenal Capital Partners (“Arsenal”), a private equity firm that specializes in investments in industrial growth and healthcare companies, today announced that it has completed an investment in Innovative Products & Equipment, Inc. (“Innovative”), which it will combine with Eckhart, Inc. (“Eckhart”) to build a leading automation solutions provider serving highly complex applications in high-growth end markets. The terms of the Innovative acquisition were not disclosed.
Innovative, an automation solutions provider which focuses on the medical device and life sciences markets, represents Arsenal’s second investment in the automation sector, following the acquisition of Eckhart in December 2021. Together, Innovative and Eckhart will provide specialized automation solutions, including Factory of the Future (design simulation) services, single & multi-cell automation systems, and fully automated assembly lines, as well as automation technologies, including Autonomous Guided Vehicles (“AGVs”), Autonomous Mobile Robots (“AMRs”), thermal bonders, servo presses, and semi-automated tooling.
“We are excited to work with the Innovative team to enhance our delivery of advanced, end-to-end automation capabilities for our customers,” said Andy Storm, CEO of Eckhart. “Rich, Eric, Dale, Kevin and the rest of the Innovative team have developed a reputation in the medical device and life sciences markets for solving mission-critical issues for their customers, and we believe joining forces will position us well for our next phase of growth.”
Rich Brownstein, Principal and Co-President of Innovative, stated, “We are thrilled to partner with Arsenal, Andy, and the Eckhart team. The scale, capabilities, and resources that we can provide as a combined company will allow us to strategically accelerate growth as we support our global customer base with higher productivity, efficiency, and precision. Arsenal’s reputation and experience investing in innovation-forward industrial technology and healthcare companies gives us confidence in the future growth prospects of our industry and company.”
Sal Gagliardo, an Operating Partner of Arsenal, added, “Innovative is the latest example of our commitment to invest significant capital behind the substantial growth in automation and expand our presence in attractive, specialized end markets, such as medical device and life sciences.”
SVB Securities served as exclusive financial advisor and Ruberto, Israel & Weiner P.C. served as legal advisor to Innovative on this transaction.
Harris Williams LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Arsenal and Eckhart.
About Innovative Products & Equipment
Founded in 1980 and headquartered in Hudson, New Hampshire, Innovative provides complex automation and product & process development solutions to blue-chip customers in specialized markets, with a focus on medical device and life sciences. Innovative’s technologies and solutions include automated assembly and test systems, machine vision solutions, integrated robotics, and engineering services. For additional information, please visit www.ipeinc.com.
About Eckhart
Eckhart, based in Warren, Michigan, designs, builds, and sustains advanced industrial solutions used to solve complex manufacturing needs. Eckhart’s proven portfolio of Industry 4.0 technology includes autonomous guided vehicles (AGVs), collaborative robot systems, traditional robotics, assembly automation & simulation, 3D printing tool development & production, and Factory of the Future consulting for the world’s largest manufacturers. For more information, please visit www.eckhartusa.com.
Contact for Arsenal:
Jackie Schofield at Prosek Partners
Pro-Arsenal@prosek.com
