Key Takeaways
- Seventeen Capital acquired Seaway Plastics Engineering, MME Group, Wright Engineered Plastics.
- Sector: Industrials, Healthcare, Healthtech & Medtech, Manufacturing.
- Geography: United States.
Analysis
Banner Capital is establishing a significant presence in the medical device supply chain with the formation of Seaway Group. The private equity firm has entered into a definitive agreement to acquire three specialized manufacturing entities: Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics. This strategic consolidation is anticipated to finalize within the fourth quarter of 2026, pending standard closing conditions.
This initiative marks Banner Capital Fund II's third platform investment, following its earlier ventures in Western Pavement Services and the recently launched Roof Restoration Group. The firm's investment thesis centers on acquiring essential, durable businesses that underpin critical sectors of the economy. The medical device sector, with its consistent demand and reliance on precision manufacturing, aligns perfectly with this strategy.
A key strategic partner in this transaction is Seventeen Capital, a private equity firm with a dedicated focus on healthcare. Adding significant weight to the venture, veteran medical device industry executive Ron Labrum is co-investing. Upon the deal's completion, Mr. Labrum is slated to assume the role of Executive Chairman for the newly formed Seaway Group, bringing his extensive operational and strategic expertise to guide its expansion.
“The medical device supply chain represents a vital component of the healthcare ecosystem, characterized by resilient demand. Patients, providers, and original equipment manufacturers (OEMs) all depend on reliable outsourced partners capable of precise design and manufacturing,” stated Tanner Ainge, Founder and CEO of Banner Capital. “Seaway Group is an excellent fit for Banner’s focus on enduring, essential businesses. We are particularly pleased to develop this platform alongside Ron Labrum, a long-standing senior healthcare advisor to Banner, whose experience will be instrumental in Seaway Group’s future trajectory.”
The combined capabilities of the acquired companies are expected to create a formidable player in outsourced medical device design and manufacturing. The entities collectively offer expertise in precision injection molding, liquid silicone rubber molding, and intricate assembly processes, operating across multiple facilities nationwide. This integrated approach is designed to meet the escalating needs and evolving product portfolios of leading medical device OEMs.
“While further details will emerge post-closing, the robust foundation established by Seaway and its current leadership team is truly impressive,” commented Mr. Labrum. “Seaway has earned its reputation as a trusted partner for premier medical device OEMs. We are eager to expand its operational footprint and enhance its service offerings to better serve our customers’ growing requirements and diverse device innovations.”
Banner Capital, based in Utah and Arizona, manages approximately $611 million in assets as of June 30, 2026. The firm specializes in partnering with founder-led and family-owned businesses in the Western United States, typically those with EBITDA between $4 million and $15 million. Their investment approach emphasizes collaboration and founder-friendliness, supporting growth, recapitalizations, and ownership transitions within the lower middle market.