Los Angeles PE firm backs custom fabricator Fruitport with new capital investment

A Los Angeles-based private equity fund has made another capital investment in Motion Dynamics Corp. at Fruit Port.

The investment of a fund managed by Vance Street Capital LLC was the latest for Motion Dynamics, a manufacturer of custom micro springs, medical coils and wire components with fine tolerances, primarily for the medical device, industrial and aerospace industries.

Terms of the deal were not disclosed, although Vance Street Capital said in an announcement that a second single-asset continuation fund that made the investment was oversubscribed and capitalized with limited partner commitments. new and existing.

Vance Street Capital first invested in 30-year-old Motion Dynamics in September 2016. Since then, the company has doubled its production footprint, expanded manufacturing capabilities and pursued strategic mergers and acquisitions.

“We initially partnered with Vance Street because of their experience working with contractors and their long track record of supporting high-precision manufacturing businesses. Throughout their investment period, Vance Street has been a supportive partner and we look forward to continuing to work with the team to capitalize on the strong foundation we’ve built to drive business growth,” Motion Dynamics Founder and President Chris Witham said in a statement. a statement. .

Vance Street has partnered with Apogem Capital as lead investor in the investment. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Co. with $37 billion in assets under management.

Vedder Price LLP and Kirkland & Ellis LLP acted as legal advisors to Motion Dynamics and Vance Street Capital. Debt financing was provided by Apogem Capital, BMO Capital Markets and Northwestern Mutual.

“Motion Dynamics has been an exceptional investment for Fund II, and we are delighted that Chris and the rest of the Motion Dynamics team have chosen to partner with Vance Street again. We remain aligned with our goals on how to continue to grow, add additional capabilities and continue to build on this premier MedTech platform,” Vance Street Managing Partner Brian Martin said in a statement.

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