Linden Capital Partners has made a majority investment in Z-Medica alongside the company’s current shareholders, DW Healthcare Partners (DWHP) and management.
Z-Medica, acquired by DWHP in September 2012, is a medical products company that develops hemostatic agents used to promote blood clotting in order to quickly stop severe, life threatening bleeding. The company’s products, marketed primarily under the QuikClot brand, are used by healthcare professionals, first responders, law enforcement officers and the military. Other brands and products include 4×4 Hemostatic Dressing, Radial, Interventional, Combat Gauze, Belt Trauma Kit, and Bleeding Control Bag. In addition, the company recently received FDA “de-novo” approval for a new range of products under the brand QuikClot Control+, indicated for internal use.
Z-Medica’s Products are sold into the hospital channel, all branches of the US military, and to various law enforcement, emergency services, and public institutions. Z-Medica was founded in 2002 and is based in Wallingford, CT (www.z-medica.com).
“We are very excited to enter into this strategic partnership with Linden. Together with our current shareholders, DWHP, they collectively bring deep healthcare expertise, insights and networks, which we look forward to leveraging as we launch our new, innovative and cost effective internal product, Control+, and continue to build upon our strong growth of the wider QuikClot product family,” said Steve Fanning, President and CEO of Z-Medica. Mr. Fanning is also the Chairman of Edge Systems, a manufacturer and marketer of non-invasive equipment and consumables used in aesthetic skin health treatments that was acquired by Linden and DWHP in December 2016.
“Steve, the management team, and DWHP have built an outstanding hemostatic products business in Z-Medica. We look forward to supporting and partnering with the team to continue the strong growth trajectory of the business both domestically and 
internationally,” said Ernest Waaser, an Operating Partner at Linden and the new incoming Chairman of Z-Medica. Mr. Waaser has been an Operating Partner of Linden since January 2017. From February 2015 to November 2016 he was the CEO of NuSil Technology, a supplier of ultra-high purity silicones used in life sciences and advanced engineering applications and a portfolio company of New Mountain Capital. From 2011 to 2014 he was the CEO of Systagenix Wound Management, a supplier of wound care products that was formed in 2008 by One Equity Partners through the spinout of Johnson & Johnson’s professional wound care business. Systagenix was sold to Kinetic Concepts, a portfolio company of Apax Partners, in late 2013.
Linden Capital Partners is focused exclusively on leveraged buyouts in the healthcare and life science industries with a specific interest in medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Linden’s strategy is based upon three elements: healthcare and life science industry specialization; integrated financial and operating expertise; and strategic relationships with large corporations. The firm is based in Chicago (www.lindenllc.com).
DW Healthcare Partners invests from $15 million to $60 million in North America-based healthcare companies that have at least $5 million of EBITDA. The firm was founded in 2002 and has offices in Toronto and Park City (www.dwhp.com).
Twin Brook Capital Partners (www.twincp.com) and Audax Private Debt (www.audaxseniordebt.com) provided debt financing for this transaction. SunTrust Robinson Humphrey (www.suntrustrh.com) was the financial advisor to Z-Medica.
© 2017 Private Equity Professional | October 3, 2017
