Argentum Medical, a portfolio company of Shore Capital Partners, has acquired the TheraBond family of products from Alliqua BioMedical. Total consideration on the transaction was $3.8 million with $3.3 million of cash paid at closing.
The TheraBond product line is based on a proprietary and patented manufacturing process where silver is bonded to the entire surface of all fibers of the wound dressing. When TheraBond products are placed on the wound, bioactive ionic silver is released in the dressing at a controlled rate, promoting an optimal wound healing environment. The TheraBond products include contact dressings, island dressings and wraps that are used in burn care, surgical site care, and wound care.
Argentum, a portfolio company of Shore Capital since January 2017, manufactures and sells wound care products that are used in a number of clinical applications including surgical wounds, burns, chronic wounds, IV catheter-related wounds, and for negative pressure wound therapy. The company’s core brand is Silverlon which uses a silver-plated nylon matrix that provides the antimicrobial properties of silver ions to the wound dressing. The company, led by CEO Raul Brizuela, was founded in 2001 and is headquartered near Chicago in Geneva, IL (www.silverlon.com).
“This is an important acquisition for Argentum, and is consistent with the strategy we developed when we partnered with Raul Brizuela and the management team at Argentum earlier this year,” said Don Pierce, a Partner of Shore Capital Partners and Chairman of the Board of Argentum. “This acquisition is an excellent fit with the broader strategy of building a leading platform serving the advanced wound care market. This product family will extend Argentum’s burn care penetration and increase the depth of its product portfolio.”
“Alliqua has done an excellent job establishing these products as reliable, high-quality solutions for treating burns and other advanced wound care applications, and we have enjoyed working with them on this transaction,” said Mr. Brizuela. “We are excited to add the TheraBond products to Argentum’s existing Silverlon silver plated nylon product portfolio, further strengthening our clinically proven and cost-effective offering for clinicians and patients in all advanced wound care settings.”
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).
Alliqua BioMedical (NASDAQ: ALQA) is a publicly-traded medical products company headquartered in Yardley, PA (www.alliqua.com).
© 2017 Private Equity Professional | September 5, 2017
