Arlington Capital Partners has tapped its $1.7bn fifth fund to acquired Millstone Medical Outsourcing from Schooner Capital.
Millstone manages post-manufacturing services, logistics and supply chain for medical devices and pharmaceutical industries including sterile packaging, advanced inspection, validation engineering and clean room services.
Matt Altman, managing partner at Arlington, said, “Over its 20+ year history, Millstone has established itself as the leading provider of outsourced quality-critical services for medical manufacturers.
“The Company is strategically positioned to benefit from several strong secular trends, including increased demand for outsourced post-manufacturing services and significant growth in robotic-assisted surgery. We are excited to partner with Millstone’s management team and continue to leverage the Company’s unique platform and capabilities to further accelerate growth both organically and through strategic acquisitions.”
Washington, DC-based Arlington manages $4bn of committed capital via five investments funds.
The firm closed its fifth buyout fund in 2019 after raising around $1.7bn in just three months.
Fund IV was closed on its $700m hard cap in 2016.
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