Evanston, Ill., July 20, 2021 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that its existing portfolio company Creative Foam Corporation (“Creative Foam”), has acquired the assets of RAM Technologies (“RAM” or the “Company”). This transaction represents Creative Foam’s second acquisition in the medical industry in the past eight months. Terms of the transaction were not disclosed.
RAM is a converter and fabricator of formed foam, plastic, and other nonwoven material solutions, primarily serving customers in medical end-markets. The Seattle metro-based company offers extensive product design and engineering and manufacturing capabilities including thermoforming, compression molding, RF welding, laminating, and encapsulating.
Creative Foam, acquired by IOP in 2017, is a manufacturer and supplier of custom-engineered die-cut, formed foam, nonwoven and multi-material component solutions to the transportation, healthcare, and wind-energy markets.
Phil Fioravante, the Chairman of Creative Foam and IOP Operating Principal, noted, “RAM’s customer focused culture and ingenuity make this an excellent acquisition for Creative Foam’s Healthcare division. We are all excited about the opportunities that will be generated as our teams begin to work together and offer enhanced capabilities to our customers.”
“We remain focused on the continued growth of our Healthcare division, both organically and through acquisition, and believe RAM is a highly strategic fit,” said Koen Devits, President and CEO of Creative Foam. “The acquisition of RAM Technologies not only expands our Healthcare division’s customer base and combined capabilities but enhances our ability to serve customers coast-to-coast.”
About RAM Technologies
RAM Technologies is a custom converter and fabricator of formed foam, plastic, and other nonwoven material solutions. The Company serves a variety of end-markets including medical, consumer, aerospace & defense, and sporting goods. RAM was founded in 1982 and is based in Mukilteo, Wash. For more information, visit RAM’s website at www.ramtechnologies.com.
About Creative Foam
Creative Foam is a manufacturer and supplier of custom-engineered die-cut, formed foam, nonwoven and multi- material component solutions to the transportation, healthcare, and wind-energy markets. Creative Foam was founded in 1969 and is headquartered in Fenton, Mich. Its 11 facilities across North America, including in Michigan, Indiana, Colorado, Ohio, Pennsylvania, Tennessee, and Mexico, feature over one million square feet of production space. For more information, visit Creative Foam’s websites at www.creativefoam.com and www.creativefoammedicalsystems.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.