| NEW YORK, April 30
NEW YORK, April 30 Private equity firm Golden
Gate Capital is in advanced talks to acquire Phillips-Medisize
Corp, a provider of medical device manufacturing services, from
buyout firm Kohlberg & Co LLC for close to $800 million,
according to people familiar with the matter.
Golden Gate has prevailed over other private equity bidders
in an auction for Phillips-Medisize and is trying to finalize
the terms of a purchase agreement, the people said.
The people asked not to be identified because the
negotiations are confidential. Representatives for Kohlberg and
Phillips-Medisize did not immediately respond to requests for
comment, while Golden Gate declined to comment.
Founded in 1964 as Phillips Plastics Corp, Phillips-Medisize
produces parts for the medical and drug delivery industries,
including surgical instruments, infusion pumps, spinal surgery
kits and molded parts for syringes used for insulin injections.
Kohlberg acquired Phillips Plastics in 2010, and in 2011
Phillips Plastics in turn acquired Medisize Corp from Swedish
private equity firm Ratos AB to create Hudson,
Phillips-Medisize has annual sales of over $500 million,
according to its website. It employs over 3,100 people in 19
locations throughout the United States, Europe, Mexico and
(Reporting by Greg Roumeliotis and Soyoung Kim in New York.
Editing by Andre Grenon)