October 1, 2024 (Boston, MA) – Covington Associates, a leading middle-market investment bank, announced its role as exclusive financial advisor to Cathtek, LLC in its sale to Nissha Co., Ltd. (TSE: 7915). Cathtek, a full-service medical device manufacturer based in Winston-Salem, North Carolina, operates across two locations totaling 37,000 square feet and offers comprehensive capabilities to medical OEMs, including design, development, injection molding, regulatory expertise, and automation-enabled full-scale production.

Nissha acquired Cathtek through its consolidated subsidiary Eimo Technologies, Inc. The acquisition enhances Nissha's Industrial Materials business within the medical market and aligns with the company's Sustainability Vision for 2030.

Todd Cassidy, Co-Founder and CEO of Cathtek, stated: "We are excited about the long-term future of Cathtek and its employees. We believe Nissha will be a great new owner who will provide all the support necessary to expedite growth and enhance our ability to serve customers. The team at Covington was essential for this transaction; their guidance and expertise were invaluable throughout a challenging process."

Founded in 1999, Cathtek has established a strong foundation in design, injection molding, assembly technologies, and quality control systems for disposable medical devices. The company supplies products for various diagnostic and testing devices, including blood collection devices.

The acquisition of Cathtek brings several strategic benefits to Nissha:

1. Expanded Capabilities: Enhances medical device manufacturing capabilities.

2. Quality Systems Access: Provides access to Cathtek's advanced quality control systems and technologies.

3. Broadened Customer Base: Expands Nissha's reach within the medical device industry.

4. Revenue Synergies: Creates synergies with existing injection molding production and mold manufacturing technologies.

This acquisition positions both Cathtek and Nissha for continued growth and innovation in the medical device manufacturing sector.  

About Cathtek

Cathtek specializes in the design and manufacture of disposable medical devices. The company offers end-to-end solutions encompassing design, development, injection molding, regulatory approval, and automation-enabled production.

About Nissha

Nissha is a Japanese multinational company focused on advanced printing technologies, medical devices, and industrial materials. With global operations leveraging its core technologies such as printing and molding, Nissha produces various products including decorative films and sustainable materials.

About Covington Associates

Covington Associates is an investment banking firm providing advisory services in mergers and acquisitions (M&A), capital raising, and strategic advisory for middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology sectors. Established in 1991 and headquartered in Boston, Covington has successfully completed over 350 transactions globally for both private and publicly traded companies, totaling over $30 billion.