The sale of Indianapolis-based Medivative Technologies LLC is complete, according to the investment bank responsible for the transaction. The contract manufacturer for the medical device industry has been sold to Jasper-based Kimball Electronics Group LLC (Nasdaq: KE).
Ravinia Capital LLC, which brokered the deal, says a market recall of "a key product line" late last year caused Medivative to experience "rapid profitability and liquidity challenges." Financial details of the transaction were not disclosed, along with details on whether the sale would affect any jobs.
Kimball Electronics spun off from Kimball International Inc. (Nasdaq: KBAL), also based in Jasper, nearly two years ago.