Vention Expands Services, Buys Fast Forward Medical

Vention Medical, a contract design, engineering and manufacturing firm for complex medical devices and components, has begun offering medical device companies a new service the company calls Single-Source Tooling. According to the company, the new offering “allows medical device design engineers to reduce overall time to market and development costs” through partnership beginning with the earliest stages of the product development process through production.

Vention has provided tooling and injection molding for the production of complex medical device components and assemblies for more than 30 years. The company has expanded its capabilities to include early stage prototype and bridge-tooling within a newly created Tooling Center of Excellence, which the company says enables customers to work with a single source from design through manufacturing.

“We know that a ‘one-stop-shopping’ model can reduce time to market, cost and risk for our customers,” said Bill Flaherty, president of Vention’s Molding & Assembly business unit. “One of our customers—a major medical device manufacturer—was able to work out some design issues early in the prototype phase, which made for a much faster transition into production.”

Company officials say that with Single-Source Tooling, customers can work with Vention design engineers to design for manufacturability and scalability earlier in the process, giving them a head start on product development and a seamless transition into production. Throughout the process, its engineers act as an extension of the customer’s engineering team, “managing each step of the program so that customers avoid the pitfalls of working with multiple vendors, such as time lost in technology transfer, risk of mistakes and delays, additional ramp-up costs, and project management hassles.”

Shortly after announcing its expanded services, Vention also announced that it acquired Fast Forward Medical.

A release from the venture capital group that owns Vention Medical said the acquisition expands the firm’s portfolio of advanced component technology offerings for the development and manufacture of catheter-based devices used in interventional, surgical and minimally invasive procedures. Fast Forward, located in Plymouth, Minn., broadens Vention’s current offering, which includes medical balloons, catheters, multi-layer extrusions, heat shrink tubing, polyimide and micro-tubing for catheter assemblies and minimally invasive medical devices.

“The addition of Fast Forward Medical further strengthens Vention’s ability to deliver complex, industry-leading component and catheter technologies to our customers. The Minneapolis area is a strategic region for us, allowing us to further align with our customers and continue to provide the best solutions available in this market,” said Dan Croteau, CEO of Vention Medical. “We are excited to partner with this team as they continue to lead the Fast Forward business and enhance our advanced components offering.”

Brady Hatcher, co-founder and principal of Fast Forward Medical said, “In joining Vention, our combined experience and expertise allows us to elevate the level of innovation and service we provide to our customers. Vention’s advanced polymer balloon technologies, together with its global footprint, fits perfectly with our strategic vision of providing the most innovative and complex catheter solutions to our customers every step of the way—from design to manufacture. This is the vision we have built our business on, and Vention’s strategic customer focus in these areas aligns perfectly with our expertise in braided catheter shafts and catheter technologies.”

Fast Forward was founded in late 2007. The company specializes in component technology focused on design and early stage manufacturing with expertise in catheter design and assembly. The founders of Fast Forward have particular expertise in braided shafts and complex catheter design.

Founded in 1996, KRG Capital Partners is a Denver, Colo.-based private equity buyout firm that made its initial investment in Vention Medical in May 2008.

Earlier this year, Vention also acquired RiverTech Medical LLC, a Chattanooga, Tenn.-based supplier of polyimide tubing, braided polyimide, composite tubing and wire coatings for medical devices.

The company’s primary locations are in South Plainfield, N.J., and Marlborough, Mass.