On May 17, 2023, ONCAP announced its significant investment in Biomerics, a leading medical device manufacturer, and its merger with Precision Concepts Medical, including Precision Concepts Group acquired in April 2023. The deal, involving Biomerics' CEO Travis Sessions, Wasatch Equity Partners, and the Marino family, aims to enhance Biomerics' capabilities in micro-plastics, micro-metals, and medical device assembly.

Biomerics, established in 1994 in Salt Lake City, UT, operates in the U.S., Ireland, and Costa Rica, specializing in various medical manufacturing processes. The transaction will expand Biomerics' manufacturing space to over 1.2 million square feet, making it a top global Interventional Contract Development and Manufacturing Organization.

The merger is strategically focused on sectors like structural heart and robotic surgery, furthering Biomerics' market position. ONCAP's investment, along with fund co-investors, marks Biomerics as the first investment in the new ONCAP V fund. Post-transaction, Biomerics will have substantial capital for strategic growth, although the transaction's terms remain undisclosed.