Banner Capital Announces Agreement to Acquire Seaway Plastics Engineering, MME Group, and Wright Engineered Plastics

Medical Device Industry Veteran Ron Labrum to Serve as Executive Chairman Upon Closing

SALT LAKE CITY, Oct. 1, 2026 /PRNewswire/ -- Banner Capital today announced it 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. Upon closing, Mr. Labrum will serve as Executive Chairman of Seaway Group.

"The medical device supply chain is a mission-critical part of the healthcare system with resilient demand. Patients and providers depend on it, and OEMs depend on outsourced partners that can design and manufacture with precision," said Tanner Ainge, Founder and CEO of Banner Capital. "Seaway Group is a great fit with Banner's focus on durable, essential businesses, and we are especially pleased to build it alongside Ron Labrum, a longstanding senior healthcare advisor to Banner, whose experience will be central to Seaway Group's next chapter."

"While there will be more to share after closing, we could not be more excited about the strong foundation Seaway and the existing leadership team have established," said Mr. Labrum. "Seaway is 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. We look forward to growing that footprint and capability set to serve even more of our customers' expanding needs and evolving device portfolios."

About Banner Capital

Banner Capital is a lower middle market private equity firm focused on partnering with founder-led and family-owned businesses in the Western United States. We invest in commercial and essential services companies that form the backbone of the U.S. economy, typically with $4M - $15M in EBITDA. The Firm operates from offices in Utah and Arizona, manages $611M in assets as of 06/30/2026, and takes a founder-friendly, collaborative approach to supporting growth, recapitalizations, and ownership transitions. For more information, visit www.bannercap.com.

SOURCE Banner Capital Management