Key Takeaways
- • Banner Capital Management, a Utah-based lower-middle-market investor, acquired Seaway Plastics Engineering and its subsidiaries (MME Group and Wright Engineered Plastics) from ICG, with healthcare-focused Seventeen Capital co-investing alongside Banner.
- • Seaway Group, the new holding company, operates five facilities across Florida, California, and Minnesota, specializing in precision injection molding and liquid silicone rubber manufacturing for medical device OEMs, with ISO 13485 certification and over 35,000 square feet of ISO Class 7 and 8 cleanroom capacity.
- • The US medical device contract manufacturing market is projected to grow at nearly 14% annually through 2033, with current estimates ranging from $17 billion to $31 billion, providing a high-growth runway for a fragmented, mission-critical sector.
- • Seaway represents Banner Capital Fund II LP's third platform investment since the fund's 2025 launch with a $200 million target; Ron Labrum, co-founder of Seventeen Capital and a senior healthcare advisor to Banner since 2025, will assume the role of executive chairman upon close.
- • The transaction marks Seaway's third private equity ownership transition in 11 years (Tonka Bay in 2015, ICG in 2022, Banner in 2026), with expected close in Q4 2026.
Summary
Banner Capital Management has entered the medical device contract manufacturing sector through its acquisition of Seaway Plastics Engineering, including the company's subsidiaries MME Group and Wright Engineered Plastics, from London-based alternative asset manager ICG. The businesses will operate as Seaway Group under a new holding company structure, with healthcare-focused Seventeen Capital co-investing alongside Banner. Ron Labrum, co-founder of Seventeen Capital and a longstanding advisor to Banner Capital since 2025, will serve as executive chairman of Seaway Group upon deal close, expected in the fourth quarter of 2026.
Seaway Plastics Engineering, headquartered in Port Richey, Florida, manufactures precision-molded plastic and silicone components primarily for medical device OEMs. The company operates five facilities across Florida, California, and Minnesota, with capabilities spanning aluminum and steel mold design, injection molding, liquid silicone rubber molding, welding, heat staking, insert molding, and complex assembly services. The company processes more than 700 resin types and holds ISO 13485 certification, the industry standard for medical device quality management. Its 35,000-plus square feet of ISO Class 7 and 8 cleanroom space positions it to serve OEMs requiring contamination-controlled manufacturing environments. Beyond healthcare, Seaway serves aerospace and defense, consumer products, and precision industrial sectors.
The acquisition aligns with Banner Capital's strategic focus on essential, durable businesses in the Western United States. The firm targets founder-led and family-owned businesses with $4 million to $15 million EBITDA, deploying $15 million to $60 million of equity per investment. Seaway Group is Banner Capital Fund II LP's third platform investment since the fund's 2025 launch with a $200 million target, following Western Pavement Services (April 2025) and Roof Restoration Group (2026).
The US medical device contract manufacturing market, estimated at $17 billion to $31 billion, is projected to expand at nearly 14% annually through 2033, driven by outsourcing trends among OEMs. The sector remains highly fragmented, ranging from single-facility molders to global CDMOs. Notable competitors include Integer Holdings (acquired by KKR at $5.7 billion enterprise value), Viant, and Phillips Medisize. Seaway's third private equity transition in just over a decade—following Tonka Bay's 2015 acquisition and ICG's June 2022 purchase—reflects active consolidation in the contract manufacturing space.
Seaway Plastics Engineering, headquartered in Port Richey, Florida, manufactures precision-molded plastic and silicone components primarily for medical device OEMs. The company operates five facilities across Florida, California, and Minnesota, with capabilities spanning aluminum and steel mold design, injection molding, liquid silicone rubber molding, welding, heat staking, insert molding, and complex assembly services. The company processes more than 700 resin types and holds ISO 13485 certification, the industry standard for medical device quality management. Its 35,000-plus square feet of ISO Class 7 and 8 cleanroom space positions it to serve OEMs requiring contamination-controlled manufacturing environments. Beyond healthcare, Seaway serves aerospace and defense, consumer products, and precision industrial sectors.
The acquisition aligns with Banner Capital's strategic focus on essential, durable businesses in the Western United States. The firm targets founder-led and family-owned businesses with $4 million to $15 million EBITDA, deploying $15 million to $60 million of equity per investment. Seaway Group is Banner Capital Fund II LP's third platform investment since the fund's 2025 launch with a $200 million target, following Western Pavement Services (April 2025) and Roof Restoration Group (2026).
The US medical device contract manufacturing market, estimated at $17 billion to $31 billion, is projected to expand at nearly 14% annually through 2033, driven by outsourcing trends among OEMs. The sector remains highly fragmented, ranging from single-facility molders to global CDMOs. Notable competitors include Integer Holdings (acquired by KKR at $5.7 billion enterprise value), Viant, and Phillips Medisize. Seaway's third private equity transition in just over a decade—following Tonka Bay's 2015 acquisition and ICG's June 2022 purchase—reflects active consolidation in the contract manufacturing space.
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