Marmon Holdings, a Berkshire Hathaway company, has acquired a majority stake in Colson Medical, a specialty medical devices provider, from Colson Associates, for an undisclosed price.

Under the terms of the transaction, Marmon has acquired a 60% stake in Colson Medical and will acquire the remaining 40% in the next five years.

Marmon chairman and CEO Angelo Pantaleo said: “We are excited to welcome the Colson Medical Companies back home to Marmon. Their innovative, proprietary products and processes and outstanding reputation make them an ideal fit for Marmon and provide our organization with another strong growth platform.”

Colson Medical operates businesses in the US, China, the UK, Spain and Germany

Colson Associates was founded by the late Robert Pritzker in 1953 after completing his five-decade career at Marmon and has acquired Colson Medical Companies and other businesses from Marmon.

Colson Medical provides highly-engineered plates, screws and related precision tools for orthopaedic surgery from its six businesses, employing more than 1,300 people.

Colson’s six businesses include Acumed, OsteoMed, MicroAire, Precision Edge, Apex, and Skeletal Kinetics located in the US, China, the UK, Spain and Germany.

Following the completion, the newly acquired companies are planned to be branded as a new sector within Marmon, which will be led by present Colson president Chris Smith.

Marmon Holdings is an international industrial organisation that holds 10 diverse business sectors and more than 125 autonomous manufacturing and services businesses.

Berkshire Hathaway chairman and CEO Warren Buffett said: “We couldn’t be more pleased about Marmon’s acquisition of Colson Medical. The specialty medical device market is an attractive growth opportunity and the Colson businesses are highly regarded. Berkshire and Marmon will provide a home where these businesses can continue to flourish.”

The medical companies of Colson Associates are involved in the development, manufacturing and distribution of a broad range of advanced medical devices across the world. Colson’s medical technology and products are designed to help improve patient care, medical treatments and outcomes.