Banner Capital has signed a definitive agreement to acquire Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics, forming Seaway Group as the third platform in Banner Capital Fund II. The acquisition, valued at undisclosed terms, will close in the fourth quarter of 2026. Seventeen Capital, a healthcare private equity firm led by medical device industry executive Ron Labrum, joins as a strategic co-investor.
Labrum will serve as executive chairman of Seaway Group post-closing. Seaway Plastics Engineering, headquartered in Port Richey, Florida, provides outsourced design and manufacturing services to medical device OEMs, specializing in precision injection molding, liquid silicone rubber, and complex assembly. The company operates facilities across the US.
Banner Capital, a lower middle-market private equity firm focused on founder-led and family-owned businesses in the western US, manages $611 million in assets as of June 30, 2026. The Fund II already backs Western Pavement Services and Roof Restoration Group. "The medical device supply chain is a mission-critical part of the healthcare system with resilient demand," said Tanner Ainge, founder and CEO of Banner Capital. "Patients and providers depend on it, and OEMs depend on outsourced partners that can design and manufacture with precision.".
Source: PE Hub · Summarized by HeadlinesBriefing