Innovia Medical LLC, which is backed by Shore Capital Partners LLC, has acquired Network Medical Products Ltd. Financial terms weren’t announced. Network Medical, of Ripon, North Yorkshire, U.K., designs and makes sterile single use products for ENT and Ophthalmic procedures.
Chicago, IL – March 1, 2018 – Shore Capital Partners, LLC (“Shore Capital” or “Shore”) is pleased to announce that Innovia Medical, LLC (“Innovia”), its medical products platform, has partnered with Network Medical Products Ltd (“Network”). Based in Ripon, North Yorkshire, United Kingdom, Network Medical is an innovative designer and manufacturer of sterile single use products for ENT and Ophthalmic procedures.
“Since their founding in 1997, Network Medical has established themselves as a leading innovator and manufacturer in the ENT and Ophthalmic space, and has achieved global success through their quality and niche designs,” said Terry Meredith, Chief Executive Officer of Innovia. “We have enjoyed working with the entire Network Medical team over the last several years as they have built a great company. We felt Network was a perfect fit for our Ophthalmic / ENT strategy and are excited to add their patented range of corneal graft instruments and disposable products to Innovia’s existing family of brands that includes ENT, Instrusafe, and Minne Ties. This acquisition helps to further strengthen Innovia’s portfolio of product solutions designed with both medical professionals and their patients in mind.”
“This is a transformational acquisition for Innovia, and is consistent with the strategic initiatives we targeted with Terry and the management team,” said Don Pierce, Partner at Shore and Chairman of Innovia. “This acquisition is an excellent fit with the broader strategy of building a leading specialty surgical platform. Network’s line of products will grow and diversify Innovia’s offerings and allow us to leverage our capabilities as well as the distribution network already in place.”
Network Medical’s line of innovative products includes its flagship CORONET™ brand precision trephines, which feature exclusive blade technology to deliver a reliable and consistent vertical incision for improved wound architecture. In addition, Network Medical has three other hero ranges, EYETEC™, Ophthalmic PVA and Cellulose products, which includes its unrivalled quality eyespears manufactured in the US, NETCELL™ ENT PVA sponge, and NETWORK ENT™ single use disposable instruments.
“Network Medical is dedicated to helping improve quality of life through supporting the advancement of surgical techniques in the Ophthalmic and ENT field,” said Neil Mercer, Chief Executive Officer of Network Medical. “We are pleased to announce this investment from Innovia, which will allow Network Medical to continue investing in and growing our in-house manufacturing, quality assurance and distribution facilities. The opportunity to partner with Innovia was of great interest to us and we feel strongly that the company shares our belief and confidence in our future and we look forward to achieving the global results that are now possible.”
About Innovia Medical
Innovia Medical combines the 74-year legacies, experience and expertise of Shippert Medical and Summit Medical to help our medical professional partners elevate the delivery of care to improve patient outcomes. Innovia Medical develops and manufactures a portfolio of products including including ear, nose and throat (ENT), Tissu-Trans®, InstruSafe® Instrument Protection Trays and Care + Maintenance Products, EarPopper® and Minne Ties® Agile MMF products. Product design, research, manufacturing, sales and customer service are based at the company’s St. Paul, MN and Denver, CO locations. Innovia’s mission is improve outcomes for the global healthcare community and the patients they serve through innovative solutions that elevate the delivery of care. For more information, please visitwww.innoviamedical.com.
About Shore Capital
Shore Capital Partners 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 $600 million of equity capital under management through various investment vehicles including the Shore Capital Partners Fund II, L.P. with $190.5 million of capital commitments. For more information, please visit www.shorecp.com