Key Takeaways
- • Salt Creek Capital has acquired MML Diagnostics Packaging, a 62-year-old contract manufacturer and packager of in-vitro diagnostic devices, specimen collection products, and single-use medical devices headquartered in Troutdale, Oregon.
- • MML operates a 27,000 sq. ft. FDA-registered and ISO-certified facility and produced more than 22 million COVID-19 specimen collection kits during the pandemic, demonstrating significant manufacturing scale and regulatory compliance.
- • Geoff Pestes, who joined MML in 2014 as Vice President of Operations, has been named CEO following the acquisition, while his father Dale Pestes (who led the company for 30+ years) transitions out after the family's 62-year stewardship.
- • Salt Creek Capital, headquartered near Menlo Park, California, targets North American companies with revenues between $5 million and $150 million across manufacturing, healthcare, logistics, and B2B/B2C services sectors—positioning this acquisition as a platform investment to drive consolidation in medical device contract manufacturing.
- • MML holds CE marks for European regulatory markets and maintains a track record of long-term customer relationships and perfect supplier ratings, providing Salt Creek with an established, quality-focused foundation in the medical device supply chain.
Summary
Salt Creek Capital has completed its acquisition of MML Diagnostics Packaging, establishing a new medical device platform centered on contract manufacturing and packaging services for original equipment manufacturers. The transaction marks a significant consolidation move in the specialized medical device supply chain, combining Salt Creek's investment capital and operational expertise with MML's six-decade operating history and manufacturing credentials.
MML operates a 27,000 square foot FDA-registered and ISO-certified manufacturing facility in Troutdale, Oregon, producing a range of critical diagnostic and medical device components. The company's product portfolio includes flocked and foam specimen collection swabs, viral transport and diagnostic collection kits, wound care dressing packages, and custom reagent formulations used across laboratory testing, infectious disease diagnostics, and point-of-care applications. During the COVID-19 pandemic, MML demonstrated substantial manufacturing capacity by producing more than 22 million specimen collection kits. The company also provides specialized services including medical-grade pouching, kitting, labeling, and sterile barrier packaging for single-use medical devices supplied to healthcare and medical technology OEMs. MML holds CE marks for its specimen collection products, enabling distribution in regulated European markets.
Founded in 1964 by the Pestes family, MML has operated under the leadership of second-generation owner and CEO Dale Pestes for more than 30 years. Following the acquisition close, Geoff Pestes, Dale's son, has assumed the CEO position. Geoff joined MML in 2014 and previously served as Vice President of Operations, ensuring continuity in leadership and operational knowledge. Dale Pestes emphasized that Salt Creek Capital's long-term investment perspective and commitment to employees and customers influenced the family's decision to partner with the firm.
Jordan Stankowski, a managing director and operating partner at Salt Creek Capital, highlighted MML's six-decade track record of quality and reliability, noting the company's perfect supplier ratings and long-term customer loyalty as key attributes. Salt Creek Capital, based near Menlo Park in Woodside, California, focuses on North American-headquartered companies with revenues between $5 million and $150 million across sectors including manufacturing, healthcare, logistics, and B2B services. The acquisition of MML positions Salt Creek to build a platform business in medical device contract manufacturing, leveraging the company's regulatory certifications, established customer base, and operational expertise.
MML operates a 27,000 square foot FDA-registered and ISO-certified manufacturing facility in Troutdale, Oregon, producing a range of critical diagnostic and medical device components. The company's product portfolio includes flocked and foam specimen collection swabs, viral transport and diagnostic collection kits, wound care dressing packages, and custom reagent formulations used across laboratory testing, infectious disease diagnostics, and point-of-care applications. During the COVID-19 pandemic, MML demonstrated substantial manufacturing capacity by producing more than 22 million specimen collection kits. The company also provides specialized services including medical-grade pouching, kitting, labeling, and sterile barrier packaging for single-use medical devices supplied to healthcare and medical technology OEMs. MML holds CE marks for its specimen collection products, enabling distribution in regulated European markets.
Founded in 1964 by the Pestes family, MML has operated under the leadership of second-generation owner and CEO Dale Pestes for more than 30 years. Following the acquisition close, Geoff Pestes, Dale's son, has assumed the CEO position. Geoff joined MML in 2014 and previously served as Vice President of Operations, ensuring continuity in leadership and operational knowledge. Dale Pestes emphasized that Salt Creek Capital's long-term investment perspective and commitment to employees and customers influenced the family's decision to partner with the firm.
Jordan Stankowski, a managing director and operating partner at Salt Creek Capital, highlighted MML's six-decade track record of quality and reliability, noting the company's perfect supplier ratings and long-term customer loyalty as key attributes. Salt Creek Capital, based near Menlo Park in Woodside, California, focuses on North American-headquartered companies with revenues between $5 million and $150 million across sectors including manufacturing, healthcare, logistics, and B2B services. The acquisition of MML positions Salt Creek to build a platform business in medical device contract manufacturing, leveraging the company's regulatory certifications, established customer base, and operational expertise.
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