Banner Capital's Strategic Acquisition Bolsters Medical Device Supply Chain with Seaway Group Formation
In a significant move aimed at enhancing its portfolio in the healthcare sector, Banner Capital has officially announced its intent to acquire Seaway Plastics Engineering, alongside MME Group and Wright Engineered Plastics. This acquisition will culminate in the formation of a new entity called Seaway Group and marks the establishment of its third platform under the Banner Capital Fund II umbrella, which also includes Western Pavement Services and the Roof Restoration Group launched recently.
The acquisition agreement, detailed during a press event on October 1, 2026, reveals that this strategic maneuver is projected to finalize in the fourth quarter of the same year, contingent on meeting standard closing requirements. Seventeen Capital, a healthcare-focused private equity firm spearheaded by Ron Labrum, a notable figure in the medical device industry, will co-invest in this transition. Labrum is set to assume the role of Executive Chairman once the transaction is finalized.
Tanner Ainge, the Founder and CEO of Banner Capital, highlighted the critical nature of the medical device supply chain, noting its importance to healthcare systems and how patients and providers rely on it. He emphasized that Original Equipment Manufacturers (OEMs) depend heavily on reliable partners for precise design and manufacturing processes. He voiced confidence in Seaway Group, as it aligns seamlessly with Banner's strategy of bolstering durable and essential businesses.
Following the closing of the deal, Labrum expressed excitement regarding the solid groundwork that Seaway and its current leadership team have laid. He pointed out that Seaway stands as a reputable outsourced design and manufacturing partner for leading medical device OEMs, with facilities spread throughout the nation. The company's capabilities include precise injection molding, complex assembly, and liquid silicone rubber, positioning it well to address the growing demands of its clients' evolving device portfolios.
Under Banner Capital’s stewardship, the plan is to not only maintain the existing expertise but also expand the company's footprint and service capabilities. This ambition aligns with the increasing need for innovative solutions in the healthcare space, as the industry becomes progressively reliant on partners capable of adapting to changes in technology and consumer demands.
Banner Capital, known for its focus on lower middle-market private equity, emphasizes collaboration with founder-led and family-run businesses primarily across the Western United States. The firm typically targets companies with an EBITDA range of $4 million to $15 million, aiming to foster growth and facilitate transitions in business ownership.
With assets totaling approximately $611 million as of June 30, 2026, Banner Capital aims to continue its commitment to crafting effective partnerships, leveraging its experience and networks to support the trajectory of Seaway Group and its associated businesses.
For more about Banner Capital and its initiatives in the healthcare sector, visit their official website at www.bannercap.com.
As the healthcare landscape evolves, strategic acquisitions like this one underline the critical shifts within the medical device industry, promising enhanced services and products for providers and patients alike. The collaboration with Ron Labrum and the seasoned team at Seaway Group signals a proactive approach to addressing the ongoing challenges and opportunities in this essential sector, further solidifying Banner Capital's place within the medical device manufacturing arena.
The acquisition agreement, detailed during a press event on October 1, 2026, reveals that this strategic maneuver is projected to finalize in the fourth quarter of the same year, contingent on meeting standard closing requirements. Seventeen Capital, a healthcare-focused private equity firm spearheaded by Ron Labrum, a notable figure in the medical device industry, will co-invest in this transition. Labrum is set to assume the role of Executive Chairman once the transaction is finalized.
Tanner Ainge, the Founder and CEO of Banner Capital, highlighted the critical nature of the medical device supply chain, noting its importance to healthcare systems and how patients and providers rely on it. He emphasized that Original Equipment Manufacturers (OEMs) depend heavily on reliable partners for precise design and manufacturing processes. He voiced confidence in Seaway Group, as it aligns seamlessly with Banner's strategy of bolstering durable and essential businesses.
Following the closing of the deal, Labrum expressed excitement regarding the solid groundwork that Seaway and its current leadership team have laid. He pointed out that Seaway stands as a reputable outsourced design and manufacturing partner for leading medical device OEMs, with facilities spread throughout the nation. The company's capabilities include precise injection molding, complex assembly, and liquid silicone rubber, positioning it well to address the growing demands of its clients' evolving device portfolios.
Under Banner Capital’s stewardship, the plan is to not only maintain the existing expertise but also expand the company's footprint and service capabilities. This ambition aligns with the increasing need for innovative solutions in the healthcare space, as the industry becomes progressively reliant on partners capable of adapting to changes in technology and consumer demands.
Banner Capital, known for its focus on lower middle-market private equity, emphasizes collaboration with founder-led and family-run businesses primarily across the Western United States. The firm typically targets companies with an EBITDA range of $4 million to $15 million, aiming to foster growth and facilitate transitions in business ownership.
With assets totaling approximately $611 million as of June 30, 2026, Banner Capital aims to continue its commitment to crafting effective partnerships, leveraging its experience and networks to support the trajectory of Seaway Group and its associated businesses.
For more about Banner Capital and its initiatives in the healthcare sector, visit their official website at www.bannercap.com.
As the healthcare landscape evolves, strategic acquisitions like this one underline the critical shifts within the medical device industry, promising enhanced services and products for providers and patients alike. The collaboration with Ron Labrum and the seasoned team at Seaway Group signals a proactive approach to addressing the ongoing challenges and opportunities in this essential sector, further solidifying Banner Capital's place within the medical device manufacturing arena.
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