Banner Capital Forms Seaway Group, a Medical Device Design and Manufacturing Partner to Leading OEMs
Banner Capital has formed Seaway Group and entered into a definitive agreement to acquire the businesses of Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. Seaway Group will be the third platform in Banner Capital Fund II, following Western Pavement Services and the recently launched Roof Restoration Group.
Seventeen Capital, a healthcare private equity firm led by medical device industry executive Ron Labrum, is a strategic co-investor in the transaction, and Labrum will serve as Executive Chairman of Seaway Group upon closing. Seaway serves as a trusted outsourced design and manufacturing partner to leading medical device OEMs, with facilities across the country and capabilities in precision injection molding, liquid silicone rubber, and complex assembly.
Tanner Ainge, Founder and CEO of Banner Capital, said the medical device supply chain is a mission-critical part of the healthcare system with resilient demand, and that patients and providers depend on it while OEMs depend on outsourced partners that can design and manufacture with precision. Ainge noted that Seaway Group is a strong fit with Banner’s focus on durable, essential businesses, and that the firm is especially pleased to build it alongside Labrum, a longstanding senior healthcare advisor to Banner whose experience will be central to Seaway Group’s next chapter.
Ron Labrum said while there will be more to share after closing, he could not be more excited about the strong foundation Seaway and the existing leadership team have established. Labrum noted that Seaway is a trusted outsourced design and manufacturing partner to leading medical device OEMs, with capabilities in precision injection molding, liquid silicone rubber, and complex assembly, and that the group looks forward to growing that footprint and capability set to serve more of its customers’ expanding needs and evolving device portfolios.
