Covington Associates acted as the exclusive financial advisor in the acquisition of Foster Corporation by GEON Performance Solutions, expanding GEON's portfolio in the medical polymer market.

Overview of the Target

Foster Corporation, headquartered in Putnam, Connecticut, is a prominent compounder of biomedical polymers that caters to the rapidly evolving healthcare and medical device sector. With a rich history spanning 36 years, the company specializes in formulating, developing, and producing custom medical compounds, implantable materials, and engineered polymers, as well as thermoplastic polyurethane elastomers and polymer enhancements. Employing approximately 200 personnel, Foster operates three manufacturing facilities and two distribution centers in the United States and has established supply partnerships in Europe and Southeast Asia.

The company prides itself on its commitment to quality, having achieved ISO 13485:2016 certification, which is recognized as the international standard for the manufacturing of medical devices. Foster Corporation’s capabilities include clean and white room manufacturing, which positions it as a vital partner for medical device manufacturers looking for innovative solutions in the market.

Industry Overview in the United States

The healthcare and medical device industry in the United States has experienced significant growth, driven by technological innovation, increased healthcare spending, and an aging population. As of 2023, the country continues to be a leader in