A Lucid Acquisition: Velosity Expands Engineering and Innovation Capabilities

Acquisition Enhances Velosity’s Ability to Serve MedTech Customers from Concept Development Through Full-Scale Production

Graham Partners (“Graham”), a private investment firm targeting advanced manufacturing and technology-enabled services businesses, today announced that its portfolio company Velosity, an outsourced manufacturer specializing in clean room injection molding, precision machining, tooling, and assembly capabilities primarily for the medical device industry, has acquired Lucid Labs, (“Lucid”) a founder-owned, highly-specialized product design, engineering, and prototyping solutions provider serving leading MedTech original equipment manufacturers (“OEMs”). Graham believes this acquisition significantly expands Velosity’s engineering and innovation capabilities and strengthens its ability to support customers across the entire product lifecycle, from early-stage concept development and rapid prototyping through full-scale manufacturing and commercialization.

Founded in 2004 and based in Rogers, Minnesota, minutes from Velosity’s Brooklyn Park facility, Lucid has built a strong reputation as a trusted development partner to leading medical device companies. The company specializes in embedded engineering, product design, and prototype machining for next-generation medical devices that help improve patient outcomes and accelerate recovery. Graham believes that together, Velosity and Lucid create a uniquely integrated MedTech platform that combines engineering innovation, rapid development, precision manufacturing, and vertically integrated production capabilities. By bringing design and development expertise closer to manufacturing, the combined organization has the opportunity to help customers reduce development timelines, accelerate product launches, and seamlessly transition programs into commercial production.

Lucid helps expand the capabilities of the Velosity Engineering, Launch and Optimization Lab™, a dedicated new product innovation accelerator facility, through the addition of more than 20 design and development engineers. Graham believes the combined business further enhances Velosity’s strategic relationships with leading MedTech OEMs and creates new opportunities to engage customers earlier in the product development cycle. In connection with the acquisition, Lucid founder and CEO Tim Hillukka will join Velosity as Chief Innovation Officer and lead ideation and innovation across the combined customer base, driving deeper and early-stage embedment within the MedTech OEM portfolios.

“Lucid brings highly complementary engineering and innovation capabilities that strengthen Velosity’s position as a differentiated partner to MedTech OEMs,” said Joe Heinmiller, Managing Partner at Graham Partners. He continued, “We believe that combining Lucid’s deep engineering expertise and rapid prototyping capabilities with Velosity’s manufacturing scale and operational excellence creates a platform capable of supporting customers from concept through commercialization and ultimately positions the company to deepen customer relationships, expand its participation in high-growth therapeutic categories, and create meaningful long-term value.” Megan Barsella Van Leer, Vice President at Graham Partners, added, “This acquisition represents another important step in Velosity’s growth strategy. We believe Lucid’s engineering talent, customer relationships, and development expertise enhance the company’s ability to participate earlier in the product lifecycle, creating a pipeline of future production programs and broadening Velosity’s exposure to some of the fastest growing segments within Medtech.”

About Velosity

Headquartered in Forest Lake, Minnesota, Velosity is an outsourced manufacturer specializing in clean room injection molding, precision machining, and assembly capabilities primarily for the medical device industry. The company supports customers from initial design through full-scale production and is vertically integrated across clean room injection molding, precision machining, assembly, and in-house tooling capabilities.

FOR FURTHER INFORMATION CONTACT:  

Joe Heinmiller (jheinmiller@grahampartners.net)

Megan Barsella Van Leer (mbarsella@grahampartners.net)

Christina Morin (cmorin@grahampartners.net)

Tel: (610) 408-0500
www.grahampartners.net
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