UFP Technologies Grows Global Medtech Footprint With Irish Acquisition

UFP Technologies Inc., a designer and custom manufacturer of engineered custom products for medical devices, sterile packaging, and other applications, announced last week the acquisition of AQF Medical. Headquartered in Navan, Ireland, with additional joint venture operations in Singapore, AQF Medical develops and manufactures custom-engineered foam and thermoplastic components used in a range of medical devices and packaging.

Expanded EU manufacturing presence

The acquisition brings significant value to UFP’s medtech platform, said Chairman and CEO R. Jeffrey Bailly in a prepared statement. “AQF’s expertise in converting specialty foams and films, and their strategically located factory for the medtech market, give us the expanded European manufacturing presence our clients have requested,” said Bailly. The joint venture facility in Singapore will enable UFP to support the Asian market locally, he added.

“We have a deep understanding of their processes and materials, as our companies have served similar segments and applications for years,” continued Bailly. “In addition, we share numerous clients, and their talented leadership team will be instrumental in continuing our international growth.”

Fourth acquisition since July

This is UFP’s fourth acquisition since July of this year. The company’s other recent acquisitions include:

Founded in 1963, UFP operates 10 plants within the United States as well as facilities in Costa Rica, Mexico, the Dominican Republic, and Ireland. Surgical robotics accounts for about one-third of revenue, according to Seeking Alpha, with the interventional and surgical business segments representing another quarter. Sterile packaging is also a business area. An advanced components business serving the aerospace, industrial, and automotive sectors is responsible for approximately 13% of sales.

New partner in growth journey

“We are extremely pleased to join the UFP family and look forward to working together to create new opportunities that will be mutually beneficial to our worldwide client base,” said Seamus Fagan, managing director at AQF Medical. “UFP’s engineering capabilities will enhance our offering to existing customers, and we anticipate that our local knowledge will enable us to identify new clients in both Europe and Asia. We have long admired the UFP growth story, and we look forward to being an integral part of its ongoing journey.”