Water Street Healthcare Partners and JLL Partners have announced the joint acquisition of MedPlast.

MedPlast, based in Tempe, Ariz., is a services provider to the medical device industry specializing in technical molding, advanced processing, device assembly and implantables, with an expertise in plastics.

Water Street, based in Chicago, is a strategic PE firm focused exclusively on healthcare.

JLL Partners, based in New York, is a middle-market PE firm with a significant focus in healthcare.

Terms of the acquisition are not being disclosed.