Vance Street Capital LLC announced its second single asset continuation fund—VSC Extended Value (EV) 2, LP—backing Motion Dynamics Corporation, a provider of highly engineered precision wire-based components primarily for the medical device, industrial and aerospace markets. Terms of the transaction were not disclosed.

Founded in 1992 and headquartered in Fruitport, Mich., Motion Dynamics manufactures wire-based micro-components and sub-assemblies, which are frequently found in micro-catheters, pacemakers and neuromodulation devices. The company focuses on products that require fine and ultra-fine wire diameters, unique alloy types and shapes, and high precision/tight tolerances.

Vance Street originally invested in Motion Dynamics in September 2016 through Vance Street Capital II L.P. Since partnering with Motion Dynamics, the company has doubled its manufacturing footprint, expanded into new and adjacent manufacturing capabilities and pursued strategic M&A, all of which have contributed to market leading growth. Chris Witham, founder and president of Motion Dynamics, has led the company under Vance Street’s ownership and will continue to lead the business during the next phase of growth.  “We originally partnered with Vance Street due to their experience working with entrepreneurs and their long track record of supporting high-precision manufacturing businesses. Throughout their investment period, Vance Street has been a supportive partner and we look forward to continuing to collaborate with the Vance Street team to capitalize on the strong foundation we have built to further the company’s growth,” he said. 

EV2 was oversubscribed and is capitalized with commitments from both new and existing Vance Street LPs. Vance Street offered all LPs in Fund II the opportunity to reinvest the value of their investment.

“Motion Dynamics was an outstanding investment for Fund II, and we are excited that Chris and the rest of the Motion Dynamics team chose to partner with Vance Street again. We remain aligned in our objectives on how to pursue growth, add additional capabilities and continue to build-upon this leading MedTech platform,” added Brian Martin, managing partner at Vance Street.

Vance Street partnered with Apogem Capital as the lead investor. “We tracked Motion Dynamics for some time and jumped at the opportunity to support the company and Vance Street by providing equity and debt to complete the transaction,” said Michael Zeleniuch, managing partner at Apogem.

Vedder Price LLP and Kirkland & Ellis LLP acted as legal advisors to Motion Dynamics and Vance Street Capital LLC.  Debt financing for the transaction was provided by Apogem Capital, BMO Capital Markets and Northwestern Mutual. M2O Private Fund Advisors LLC acted as exclusive financial advisor to Vance Street and placed the continuation fund with Apogem Capital as the lead investor.  The EV2 syndicate included new investors to finance the transaction.