Dymon Asia Private Equity-backed Meiban Group has acquired a 20% equity stake in Planet Innovation, an Australian medical product designer and manufacturer.
The partnership aims to deliver comprehensive contract development and manufacturing organisation services to the medtech industry, spanning from early-stage innovation through to high-volume manufacturing, per a company release.
“This alliance enables clients to seamlessly transition from Planet Innovation’s innovation, design, and early-stage manufacturing capabilities, located in Australia and the US, to Meiban’s world-class, automated mass-manufacturing operations in Singapore and Malaysia,” the release said.
Founded in 2009, Planet Innovation now has a team of over 300 professionals with healthcare expertise and advanced engineering skills. It also operates flexible, made-to-order manufacturing facilities to support early market needs.
Meiban, a custom mold maker, will complement the Australian partner by delivering high-volume, cost-effective manufacturing through 18 sites in Singapore and Malaysia.
“With vertically integrated capabilities including plastic injection molding, printed circuit board assembly, and full product assembly, Meiban leverages cutting-edge automation and precision systems to ensure quality and scalability,” per the release.
The alliance will provide Planet Innovation’s clients with the choice to manufacture in the US, Asia, or Australia, depending on their strategic and commercial needs, said Stuart Elliott, co-founder and CEO of Planet Innovation.
The partnership comes at a time when a sale process for stakes in Meiban is live in the market with Deutsche Bank acting as the advisor, DealStreetAsia reported. Dymon has been holding onto the portfolio for about seven years since the firm made the investment via its 2017-vintage flagship fund, Dymon Asia Private Equity Fund II.
