January 7, 2025 (Boston, MA) – Covington Associates, a leading middle-market investment bank, announced its role as exclusive financial advisor to Foster Corporation, a differentiated compounder of biomedical polymers used in the high-growth healthcare and medical device industry, in the sale of its business to GEON® Performance Solutions, a global leader in the formulation, development and manufacture of performance polymer solutions.

“This strategic acquisition broadens GEON’s portfolio of medical polymer solutions to offer a full spectrum of materials to medical companies,” said GEON CEO Tracy Garrison. “Foster Corporation has an impressive 36-year track record of delivering highly innovative, market-leading technologies for life-saving medical devices. We are privileged to partner with their team to further strengthen and expand this tradition of excellence.”

This is GEON’s fourth acquisition since 2020 and its second acquisition in the last year – a key component of its strategy to enhance and diversify its portfolio of engineered polymer solutions and further expand its global footprint for customers. In December of 2023, GEON acquired PolymaxTPE, adding thermoplastic elastomer to its material portfolio.

The acquisition of Foster Corporation enhances GEON’s participation in the high-value medical market. Currently, GEON offers rigid and flexible polyvinyl chloride (PVC) solutions, thermoplastic elastomer (TPE) solutions, and contract manufacturing services to healthcare customers. Its Clinton, Tennessee, facility is ISO 13485:2016 certified, which is the medical industry’s international standard for the manufacture of medical devices. Foster Corporation, which is also ISO 13485:2016 certified, offers formulation, development and production of custom medical compounds, implantable materials, engineered polymers, thermoplastic polyurethane elastomers and polymer enhancements. It also offers a range of services in clean and white room manufacturing facilities.

“The Covington team did a fantastic job of orchestrating a competitive process that resulted in an excellent outcome. GEON is the ideal partner to leverage Foster’s strengths and augment its capabilities to better serve unique customer needs,” said President and CEO of Foster Corporation, Larry Acquarulo. “We are proud that Foster’s commitment to quality and innovation will live on with GEON.”

Foster Corporation is headquartered in Putnam, Connecticut, and has supply partnerships in Europe and Southeast Asia. The business operates three manufacturing locations and two distribution centers in the United States and employs approximately 200 people.

As part of GEON, Foster Corporation will be the face to the medical end market, including GEON’s existing volumes, and will leverage GEON’s development capabilities, salesforce and extensive capacity.

About Foster Corporation

For thirty years Foster Corporation has been serving medical device manufacturers with industry leading technology and service in custom biomedical polymer compounding.

Within three regulated manufacturing facilities, Foster offers formulation development and production of polymer enhancements including radiopaque fillers, colors, and other specialty additives. Foster also owns and operates Foster Supply Chain Solutions.

About GEON Performance Solutions

GEON® Performance Solutions is a global leader in the formulation, development and manufacture of performance polymer solutions. With a portfolio of highly adaptable vinyl and polyolefin polymer technologies as well as a full-service manufacturing business, GEON combines three powerful traditions into a single, customer-focused business. GEON Performance Solutions is a leading innovator in the development of performance material solutions for a broad range of markets including appliances, building & infrastructure, electronics, medical, transportation, power & communications and more. GEON Performance Solutions has approximately 1,200 global associates and 15 world-class manufacturing plants with headquarters in Westlake, Ohio. Please visit us at www.geon.com to learn more. GEON Performance Solutions is a portfolio company of SK Capital Partners.

About SK Capital Partners

SK Capital is a private investment firm with a disciplined focus on the specialty materials, ingredients, and life sciences sectors. The Firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $12 billion annually, employs more than 25,000 people globally, and operates more than 200 plants in over 30 countries. The Firm currently has approximately $9 billion in assets under management. For more information, please visit www.skcapitalpartners.com.

About Covington Associates

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