Shore Capital Partners has recapitalized Centennial, Colorado-based Shippert Medical Technologies, a maker of disposable medical and surgical products for ear, nose and throat as well as provider of cosmetic and plastic surgery applications. No financial terms were disclosed.
Chicago, IL – October 15th, 2015 – Shore Capital Partners is pleased to announce it has completed the recapitalization of Shippert Medical Technologies through its medical products platform, SCP Medical Products, LLC. Based in Centennial, Colorado, Shippert Medical is a leading manufacturer of disposable medical and surgical products for ear, nose, and throat (ENT) and cosmetic/plastic surgery applications.
Shippert Medical was founded in 1978 by Dr. Ron Shippert, previously an Otolaryngologist as well as a Facial Plastic and Reconstructive surgeon. Since its founding, Shippert Medical has expanded through new product offerings in the ENT, Cosmetic, and Plastic Surgery markets under the family leadership of Dr. Shippert, Sarah Shippert, and Allison Therwhanger. The Shippert family will retain a substantial ownership stake, and Mrs. Therwhanger will continue to serve in a leadership role as part of the SCP Medical Products platform. “Our family believes Shore Capital will be an excellent partner to drive continued growth at the Company,” said Allison Therwhanger. “We are pleased to become a part of the platform and look forward to building a leading specialty medical and surgical products business in the years to come.”
Shore Capital previously completed the acquisition of Summit Medical, Inc. and formed SCP Medical Products in February 2015, and plans to leverage customer and distributor relationships across the two companies to drive organic growth and cross-selling opportunities. As part of the transaction, and to finance further growth opportunities, Shore facilitated the successful completion of new credit facilities.
“We are excited to add an exceptional company and management talent to our medical products platform,” said Don Pierce, Partner at Shore Capital and Chairman of SCP Medical Products. “The Shippert family has built a highly-regarded business that complements Summit Medical very well. This investment epitomizes Shore’s strategy of partnering with strong owner-founder companies in one of our targeted sectors. We are eager to work with both companies to continue to build a leading and diversified specialty medical and surgical products platform.”
Shore and the SCP Medical Products management team will continue to pursue partnerships with other high quality and service-oriented medical product companies serving hospitals and alternate site environments. SCP Medical Products represents the second of four platform investments 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.