Salt Lake City – October 01, 2026 -- Banner Capital has formed Seaway Group and signed a definitive agreement to acquire three medical device manufacturing businesses -- Seaway Plastics Engineering, MME Group and Wright Engineered Plastics -- in a transaction expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Seaway Group becomes the third platform in Banner Capital Fund II
The deal follows Banner Capital's prior platform launches of Western Pavement Services and Roof Restoration Group, extending the Salt Lake City-based private equity firm's push into essential, founder-led businesses beyond its traditional commercial-services focus.
Seventeen Capital's Ron Labrum joins as strategic co-investor and Executive Chairman
Seventeen Capital, a healthcare-focused private equity firm led by medical device industry executive Ron Labrum, is co-investing in the transaction. Upon closing, Labrum -- a longstanding senior healthcare advisor to Banner Capital -- will take over as Executive Chairman of Seaway Group.
Combined entity will offer precision injection molding and liquid silicone rubber assembly to OEMs
Seaway Group will operate as an outsourced design and manufacturing partner to medical device OEMs, with facilities across the United States and capabilities spanning precision injection molding, liquid silicone rubber processing and complex assembly. Labrum said the business will look to expand its footprint and capability set to meet customers' expanding needs and evolving device portfolios.
"The medical device supply chain is a mission-critical part of the healthcare system with resilient demand,