[February 23, 2015] |
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Shore Capital Partners Announces Investment in Medical Products Platform
Shore Capital Partners ("Shore Capital" or "Shore") is pleased to
announce that it has completed the acquisition of Summit Medical, Inc.
("Summit Medical" or the "Company"). Based in St. Paul, Minnesota,
Summit Medical is a leading medical device manufacturer that has been
designing, engineering and manufacturing microsurgery products for over
30 years. In addition to its Instru-Safe® instrument protection line for
infection control and sterilization in the critical care market, Summit
Medical manufactures ear, nose, and throat (ENT) products and a variety
of other surgical products.
A Fast 50 Honoree for 2014, Summit Medical has achieved significant
growth over the last several years due to its leading position in the
minimally-invasive instrument protection and ENT markets. Kevin
McIntosh, President of Summit Medical, and Lorraine Duchene, Chief
Financial Officer, will continue to lead the Company's management team.
"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 microcaphealthcare space as we select a
steward for the future of our business."
Shore Capital will enhance operations and drive an acquisition growth
strategy at the Company and will be supplementing the incumbent
management team with an experienced board of directors to help support
these efforts. Shore's objective is to create a leading microsurgery
platform by expanding into additional end markets and pursuing targeted
new product initiatives. As part of the transaction, and to finance
further growth opportunities for Summit, Shore facilitated the
successful completion of new credit facilities.
"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."
Summit will pursue partnerships with other high quality and
service-oriented medical product companies serving hospitals and
alternate site environments. Summit Medical represents the second
platform investment out of Shore Capital Partners Fund I, L.P., a $112.5
million investment vehicle raised in May 2014.
About Shore Capital
Shore Capital is a Chicago-based private equity firm focused exclusively
on microcap healthcare investments. Shore supports management partners
with capital, business development expertise, and industry knowledge to
accelerate growth, fund acquisitions, and generate value to
shareholders. Shore targets investments in proven, successful private
companies with superior management teams, stable cash flow, and
significant growth potential, including organic and growth through
industry consolidation. Shore has approximately $150 million of equity
capital under management through various investment vehicles including
Shore Capital Partners Fund I, L.P. with $112.5 million of capital
commitments.
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