Shore Capital Partners has completed the acquisition of Summit Medical, a medical device manufacturer.
Shore intends to use Summit Medical as a platform to expand into complementary segments and build a larger instrument protection and microsurgery company. Summit will pursue partnerships with other service-oriented medical product companies serving hospitals and alternate site environments.
Summit Medical designs, engineers and manufactures microsurgery products. In addition to its Instru-Safe instrument protection line for infection control and sterilization, Summit Medical manufactures ear, nose, and throat products and a variety of other surgical devices. The company is based in St. Paul (www.summitmedicalusa.com).
Kevin McIntosh, President of Summit Medical, and Lorraine Duchene, Chief Financial Officer, will continue to lead the company’s management team under Shore’s ownership.
“We are excited to partner with Summit Medical and its management team, which has guided the company through a period of impressive growth,” said Don Pierce, Partner at Shore Capital. “Minimally-invasive surgery continues to proliferate by reducing wound size, recovery time, and infection risk, and Summit is well-positioned as a leading provider of comprehensive solutions for its customers. We look forward to working with the company to expand into complementary segments and build a leading instrument protection and microsurgery platform.”
Shore Capital Partners invests in lower middle market healthcare related companies that have $5 million to $50 million of revenue and $1 million to $5 million of EBITDA. Shore targets equity commitments of $10 million to $15 million per platform. Healthcare sectors of particular interest include behavioral health; healthcare staffing; infusion therapy; laboratory products & distribution; laboratory services; outpatient rehab therapy; urgent care; veterinary services; pharmaceutical services and contract research. Shore was founded in 2009 and is based in Chicago (www.shorecp.com).
Summit Medical represents the second platform investment out of Shore Capital Partners Fund I, LP, a $112.5 million fund raised in May 2014.
“Shore Capital is the ideal partner for Summit Medical as the company moves into its next growth phase,” said Curt Miller, Founder and Chairman of Summit Medical. “I was impressed by Shore’s vision for the company and expertise in the microcap healthcare space as we select a steward for the future of our business.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-23-15