Banner Capital Consolidates Three Plastic Manufacturers into Seaway Group
Salt Lake City-based Banner Capital is launching a new medical device manufacturing platform, Seaway Group, following a definitive agreement to acquire Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics. The transaction, slated to close in late 2026, marks the firm's third major investment in its current fund.
The deal brings together three specialized manufacturers under a single banner, focusing on precision injection molding, liquid silicone rubber production, and complex assembly services. By consolidating these entities, Banner Capital aims to strengthen its presence in the outsourced medical device supply chain. The firm is partnering with Seventeen Capital, a private equity firm led by industry veteran Ron Labrum, who will transition into the role of Executive Chairman once the acquisition is finalized.
Banner Capital CEO Tanner Ainge identified the medical device sector as a mission-critical industry with resilient demand, noting that the acquisition aligns with the firm's strategy of investing in essential, durable businesses. Labrum praised the existing leadership teams at the three acquired companies, highlighting their established reputation among medical device OEMs. The firm manages $611 million in assets and typically targets founder-led companies with EBITDA between $4 million and $15 million, operating primarily in the Western United States.
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