GEON Performance Solutions Expands Medical Platform with Acquisition of Foster Corporation

Deal News | Jan 07, 2025 | SK Capital

GEON Performance Solutions has acquired Foster Corporation, a company specializing in biomedical polymers for the healthcare and medical device sectors. This strategic move enhances GEON’s existing portfolio by adding a full range of medical polymer solutions and bolstering its presence in the high-value medical market. GEON, headquartered in Westlake, Ohio, has been on a persistent expansion trajectory, marking this as its fourth acquisition since 2020. Foster Corporation, based in Putnam, Connecticut, brings a 36-year legacy of innovative medical technologies and will contribute its capabilities in implantable materials, engineered polymers, and more. The acquisition aligns with GEON’s strategy to diversify its portfolio and expand its global footprint. GEON and Foster Corporation's operational synergies, particularly their shared ISO 13485:2016 certification, will further ensure quality manufacturing standards. Legal and investment advisors were pivotal in facilitating the acquisition process.

Sectors

  • Healthcare & Medical Devices
  • Performance Materials & Polymers
  • Private Equity

Geography

  • United States – Both GEON and Foster Corporation are based in the U.S., and the article details their operations and expansions within the country.
  • Europe – Foster Corporation's operations include supply partnerships in Europe, emphasizing the geographical relevance.
  • Southeast Asia – The article mentions Foster Corporation's supply partnerships in Southeast Asia, indicating international reach.

Industry

  • Healthcare & Medical Devices – The article focuses on the acquisition of a company specializing in biomedical polymers, enhancing capabilities in the healthcare and medical device sectors.
  • Performance Materials & Polymers – GEON and Foster specialize in performance polymer solutions, making this a key industry related to the article.
  • Private Equity – SK Capital Partners, a private equity firm, backs GEON Performance Solutions, highlighting the firm's role in funding strategic acquisitions.

Financials

    Participants

    NameRoleTypeDescription
    GEON Performance SolutionsBidding CompanyCompanyA global leader in performance polymer solutions, acquiring Foster Corporation to expand its medical product offerings.
    Foster CorporationTarget CompanyCompanyA differentiated compounder of biomedical polymers with a longstanding history in healthcare technologies.
    SK Capital PartnersOwner of Bidding CompanyCompanyA private investment firm that owns GEON Performance Solutions, supporting its strategic acquisitions.
    Benesch, Friedlander, Coplan, & Aronoff LLPLegal Advisor to GEONCompanyProvided legal counsel to GEON Performance Solutions for the acquisition.
    NorthView Advisors, LLCInvestment Advisor to GEONCompanyServed as investment advisor to GEON Performance Solutions.
    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.Legal Advisor to FosterCompanyProvided legal counsel to Foster Corporation.
    Covington Associates, LLCInvestment Advisor to FosterCompanyServed as investment advisor to Foster Corporation.
    Tracy GarrisonCEO of GEONPersonCEO of GEON Performance Solutions, commenting on the strategic importance of the acquisition.
    Larry AcquaruloPresident and CEO of Foster CorporationPersonThe CEO of Foster Corporation, providing insights on the partnership with GEON.