BOSTON, Nov. 14, 2016 /PRNewswire/ -- Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company, Tegra Medical, has entered into a definitive agreement to be acquired by SFS Group AG, a global market leader for mechanical fastening systems and precision formed components based in Switzerland. Tegra Medical is a leading provider of precision machining and contract manufacturing services for the medical device industry. The company is headquartered in Franklin, Massachusetts and has a total of 200,000 square feet of modern manufacturing space in Massachusetts, Mississippi, and Costa Rica. Riverside Partners formed Tegra Medical through the acquisitions of New England Precision Grinding, Accu-Met Laser, and American Medical Instruments in 2007 and the subsequent acquisitions of CTW and a Costa Rica manufacturing operation in 2010. David Belluck, a General Partner at Riverside Partners, said, "This is a very exciting development for Tegra Medical. During our ownership, the company experienced a significant transformation and became a leading contract manufacturer through acquisitions, investments in technology, organic sales growth, and new customer wins." Max Osofsky, a Partner at Riverside Partners added, "Under the leadership of Mark King, Tegra solidified its preferred partnership with leading medical device OEMs by continuing to innovate and through an unwavering commitment to operational excellence." "My management team and I are very excited about the combination with SFS Group. Like SFS, Tegra Medical is trusted partner that customers turn to in the early stages of the new product development process," said J. Mark King, Tegra Medical's Chief Executive Officer. "Under the guidance of Riverside Partners, Tegra Medical became an end-to-end solutions provider capable of addressing the most complex manufacturing needs of our medical device customers," said King. "This combination will ensure Tegra's long-term success and strengthens our ability to meet the current and future needs of our customers." Upon the closing of the acquisition, Tegra Medical will be integrated into the Engineered Components segment of SFS and operate as an independent division of SFS Group AG. Tegra Medical will continue to be led by King and the existing management team. The transaction is expected to close after customary conditions have been met. Financial terms of the transaction were not disclosed.