Houlihan Lokey advises TEAM Technologies.

Houlihan Lokey is pleased to announce that TEAM Technologies (TEAM Tech), a portfolio company of Arlington Capital Partners (Arlington), has acquired Duke Empirical, Inc. (Duke).
TEAM Tech, a specialized end-to-end outsourced manufacturer of mission-critical medical devices, announced the acquisition of Duke, a premier designer, developer, and manufacturer of innovative medical devices focused on advanced catheters and minimally invasive delivery systems. Based in Morgan Hill, California, Duke is recognized for its deep technical expertise and innovation in catheter design, complex medical extrusion, and high-precision assembly. The company serves top-tier global OEMs with a differentiated suite of capabilities, proprietary technologies, and a state-of-the-art facility. Specifically, Duke manufactures a variety of catheters, including those used for minimally invasive structural heart, cardiovascular, neurovascular, urology, and kidney-related procedures, while offering custom design and development services for catheter-based medical devices, including guide catheters, balloon dilation catheters, and ultrasound catheters.
Headquartered in Knoxville, Tennessee, with facilities throughout the United States and international facilities in Mexico and Singapore, TEAM Tech has an extensive array of advanced and vertically integrated manufacturing solutions servicing top medical device and pharmaceutical OEMs. With its deep industry experience and reputation for the highest quality standards, TEAM Tech leverages seamless, turnkey processes and innovation to dramatically simplify and improve its customers’ supply chains. This acquisition marks a significant expansion of TEAM Tech’s capabilities in the minimally invasive, cardiology, and interventional markets, providing customers with a fully integrated, turnkey solution that combines Duke’s specialized front-end design and catheter expertise with TEAM Tech’s comprehensive capability set and global manufacturing footprint.
Arlington is a Washington, D.C.-area private investment firm specializing in government-regulated industries. The firm partners with founders and management teams to build strategically important businesses in the healthcare, government services and technology, and aerospace and defense sectors. Since its inception in 1999, Arlington has invested in more than 175 companies and is currently investing out of its $3.8 billion Fund VI.
This transaction further strengthens and highlights Houlihan Lokey’s continued leadership in the medical outsourcing and medical contract manufacturing industry. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2024, the group closed 35 transactions and was ranked by LSEG (formerly Refinitiv) as the No. 1 M&A advisor for global healthcare transactions under $1 billion.
Houlihan Lokey served as financial advisor to TEAM Tech and Arlington.
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