ICG’s North American Direct Private Equity Team acquires Seaway Plastics Engineering

ICG announced that its North American Direct Private Equity team has completed the acquisition of Seaway Plastics Engineering, a leading provider of injection-molded, engineered components and value-added services to the medical device, healthcare, specialty industrial, A&D, and other end markets in the United States.

ICG’s North American Direct Private Equity team will work with Seaway to grow the business organically, as well as through acquisition, in order to expand both its product and geographic footprint. Financial terms of the transaction have not been disclosed.

“As our North American Direct Private Equity business continues to grow, we are thrilled to partner with Seaway,” said Alan Jones, Head of North American Direct Private Investments at ICG. “We are confident in the company’s exceptionally strong management team, impressive client base, and reputation for delivering high-quality manufactured products and related services, all of which position the firm for continued growth.”

Seaway Plastics Engineering was founded in 1984 and has grown to become a full-service partner to over 400 customers across a range of end markets, with the majority of revenue generated by the medical device and healthcare segments. Seaway provides component manufacturing, design for manufacturing, and post-manufacturing services, with expertise in complex, low-to-mid volume production. Seaway was acquired by Tonka Bay Equity Partners in 2015, and acquired Wright Engineered Plastics in 2020 to further bolster its product capabilities and geographic reach. Seaway is headquartered in Port Richey, Florida and operates 3 facilities across California and Florida.

“We are very pleased to partner with ICG as we look to accelerate our growth,” said Tom Orr, President & CEO of Seaway. “I am immensely proud of all the success Seaway has seen in its nearly 40-year history. We have enjoyed working with Tonka Bay over the past several years and look forward to partnering with ICG to further strengthen our sales coverage, product capabilities, and production capacity.”

“Seaway has a truly unique value proposition within a range of attractive end markets,” said Uzair Dossani, Managing Director, North American Direct Private Equity at ICG. “We look forward to working with Tom and the Seaway team to create compelling value for their clients, as well as for our investors, by investing to facilitate both organic growth and acquisitions.”

Kevin Gregory, Healthcare Sector Lead, North American Direct Private Equity at ICG added, “The global medical device market is large, defensive, and growing. As device manufacturers seek high-quality outsourcing partners for complex production and related services, Seaway is particularly well-positioned to benefit.”

In addition to supporting Seaway Plastics Engineering as it executes on its long-range plan, ICG will help Seaway establish a formal ESG program and management framework, including systems for reporting against set science-based targets.