IZI Medical Products, a portfolio company of Shore Capital Partners since May 2016, has acquired the vertebroplasty family of products from Cook Medical.
Vertebroplasty products are used in minimally invasive surgical procedures to stabilize spinal fractures and to stop the pain caused by the fracture. The acquired portfolio of products consists of needles, injectors and cements sold under the Duro-Ject Osteo-Site, Osteo-Force and Vertefix brands.
Vertebral compression fractures are often caused by osteoporosis, a disease of low bone strength that affects an estimated 10 million Americans, resulting in an estimated 700,000 spinal fracture cases annually that can cause pain, height loss, balance difficulties and a decreased quality of life. In the US, approximately 50 percent of women and 25 percent of men over the age of 50 will experience an osteoporosis fracture in their lifetime.
IZI Medical is a developer and manufacturer of medical consumable devices used in radiology, radiation therapy and image guided surgery procedures. The company sells to more than 1,000 domestic customers as well as internationally across 25 countries. IZI Medical is led by its CEO Greg Groenke and is headquartered near Baltimore in Owings Mills, MD (www.izimed.com).
“This is a transformative acquisition for IZI, and is consistent with the strategy we developed when we partnered with Greg Groenke and the management team at IZI a year ago,” said Don Pierce, a Partner of Shore Capital Partners. “This acquisition is an excellent fit with the broader strategy of building a leading platform serving the interventional radiology and oncology markets. This product family will extend IZI’s international sales reach and increase the depth of its product portfolio.”
Shore Capital Partners invests from $10 million to $30 million of equity per transaction in lower middle market healthcare related companies that have $5 million to $50 million of revenue and $1 million to $7 million of EBITDA. Sectors of particular interest include addiction treatment; dermatology; home health; interventional products; medical scribes (physician assistants); optometry/ophthalmology; physical therapy; psychiatrist practice management; urgent care; vein clinics; and wound care. Shore was founded in 2009 and is based in Chicago (www.shorecp.com).
Just last month, Shore held a first and final close of its second institutional private equity fund, Shore Capital Partners Fund II, LP, at the hard cap of $190 million. The firm’s earlier fund, Shore Capital Partners Fund I, LP, closed in June 2014 with $112.5 million of committed capital. Fund II, raised in less than three months, surpassed its original target of $150 million and was substantially oversubscribed with investor demand approaching $750 million. With Fund II, Shore now manages a total committed capital base of approximately $350 million.
Cook Medical is part of the Cook Group, a privately held medical device manufacturer. The company has more than 2,400 employees and is headquartered in Bloomington, IN (www.cookmedical.com).
© 2017 Private Equity Professional | May 12, 2017
