Banner Capital rolls up three plastics makers into new medical device platform
What's the deal? Banner CapitalDealroom has a profile for this one. Try Dealroom → has agreed to acquire the businesses of Seaway Plastics EngineeringDealroom has a profile for this one. Try Dealroom →, MME GroupDealroom has a profile for this one. Try Dealroom →, and Wright Engineered PlasticsDealroom has a profile for this one. Try Dealroom →, combining them into a new platform called Seaway GroupDealroom has a profile for this one. Try Dealroom →. The deal, announced October 1, 2026, has undisclosed terms and is expected to close in the fourth quarter of 2026, subject to customary conditions.
What's the endgame? Seaway Group will serve as a contract design and manufacturing partner to medical device makers, with capabilities in precision injection moulding, liquid silicone rubber, and complex assembly. The combined business operates facilities across the US.
Who's involved? Seventeen CapitalDealroom has a profile for this one. Try Dealroom →, a healthcare private equity firm led by medical device executive Ron Labrum, is a strategic co-investor. Labrum, a longtime senior healthcare advisor to Banner, will become executive chairman of Seaway Group on closing.
Why now? Banner is leaning into steady, essential sectors. "The medical device supply chain is a mission-critical part of the healthcare system with resilient demand," said founder and chief executive officer Tanner Ainge, pointing to device makers' reliance on outsourced manufacturing partners.
Seaway Group is the third platform in Banner Capital Fund II, following Western Pavement ServicesDealroom has a profile for this one. Try Dealroom → and Roof Restoration GroupDealroom has a profile for this one. Try Dealroom →. The firm invests in founder-led and family-owned businesses in the Western US, typically with $4M to $15M in EBITDA, and manages $611M in assets as of June 30, 2026.
The signal: The deal is a classic buy-and-build play, consolidating smaller contract manufacturers into a single platform with national scale. For Banner, it is a bet that outsourced medical device production offers the durable, essential demand it favours.
Read more: prnewswire.com
Image credit: Generated with Gemini
