CHICAGO, October 03, 2022--(BUSINESS WIRE)--Shore Capital Partners ("Shore" or "Shore Capital"), a Chicago-based private equity firm focused on microcap investments within the Healthcare, Food and Beverage, and Business Services industries, is pleased to announce the sale of IZI Medical Products ("IZI"), its interventional radiology medical device portfolio company, to Halma plc ("Halma"), a global group of life-saving technology companies focused on growing a safer, cleaner and healthier future for everyone, every day.
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Shore Capital partnered with IZI in 2016 with the goal of building a leading innovator, manufacturer and distributor of quality medical devices. Led by Chief Executive Officer Greg Groenke, the team at IZI has built a diverse portfolio of consumable devices used in interventional radiology and oncology, radiation therapy, neuro-spine and image guided surgery procedures. IZI’s products and technologies are employed in approximately 2,000 domestic hospitals, as well as utilized internationally across 35 countries.
"Shore Capital is proud to have partnered with Greg and the IZI team to build the company into one of the leading medical device platforms in the interventional market," said Don Pierce, Partner at Shore Capital and Chairman of the Board at IZI. "IZI is well positioned to continue growing as a leader in the industry. We appreciate the contribution of all employees and wish the team success as they embark on this next chapter with an excellent partner in Halma."
"Shore Capital was a true partner that shared our vision for growth and success, providing more than just capital during our partnership. The firm supported with investing in our people, developing our technology and growing our business through strategic acquisitions," said Groenke. "Our mission is to improve patients’ lives with physician-led innovation, which aligns with Halma’s vision to improve the quality of care delivered by healthcare providers. Joining the Halma group will take IZI to the next level, adding research and development capabilities and bringing international growth opportunities that will support our journey to advance healthcare for patients worldwide."
The transaction closed on September 30, 2022. Winston & Strawn LLP served as legal advisor to Shore Capital and IZI on the transaction.
About Shore Capital Partners
Shore Capital, a Chicago-based private equity firm with offices in Nashville, is focused on microcap investments within the Healthcare, Food and Beverage, Business Services, and Real Estate industries. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, fund acquisitions, and generate value for shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, including organic growth and growth through industry consolidation. Shore has approximately $3 billion of cumulative capital commitments through various investment vehicles. For more information, please visit: www.shorecp.com.
About IZI Medical Products
As a leading innovator, manufacturer, and distributor of quality medical devices, IZI Medical provides the continuity that our healthcare partners need to succeed. Based in Owings Mills, Maryland, just outside Baltimore, IZI is a leading developer, manufacturer, and provider of high-quality medical consumable devices used in radiology, radiation therapy, neuro-spine, and image guided surgery procedures. IZI has built a diverse portfolio of products backed by strong intellectual property and currently sells to more than 2,000 domestic customers as well as internationally across 35 countries. For more information, please visit www.izimed.com.
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad market areas where it operates: safety, the environment and healthcare. Halma employs over 7,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index. For more information, please visit www.halma.com.
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Shore Capital Partners
Allison Dorr, Edelman Smithfield