Investment to Support Continued Growth and Expansion of Leading Specialty Provider of Biocompatible Hydrophilic Coatings for Medical Devices
HORSHAM, Pa., Nov. 2, 2022 /PRNewswire/ -- Biocoat, Inc., a leading specialty manufacturer of hydrophilic biomaterial coatings, services and dip-coating equipment for medical devices, announced today that GTCR, a leading private equity firm, has made a strategic investment in the Company. The transaction closed on November , 2022.
Biocoat offers a full-service solution for biocompatible hydrophilic coatings used on medical devices in the neurovascular, cardiovascular, peripheral, and ophthalmic markets to original equipment manufacturers, start-up companies and contract manufacturers. Biocoat's customers benefit from industry-leading coating performance, industry-leading service from initial engagement through final production for new devices, and a line-up of unique dip coating equipment designed to maximize throughput.
The recapitalization of Biocoat will enable the Company to continue its impressive growth in the biomaterial coatings market and will open opportunities for global growth, enhanced product offerings and manufacturing facility expansion. Biocoat's existing majority investor, 1315 Capital, a healthcare growth equity firm based in Philadelphia, will retain a minority stake in the Company. Since its acquisition by 1315 Capital in 2018, Biocoat has grown exponentially in its people, R&D product innovations, and full-service development capabilities.
"It has been our pleasure to work with the Biocoat team as the business has transformed over the past four years," said Michael Koby, Founding Partner at 1315 Capital. "We are excited for their next phase in partnership with GTCR, as the Company continues to build upon their market-leading position."
"I am very proud of the Biocoat team, which has flawlessly executed on our aggressive growth strategies over the past several years," said Jim Moran, President and CEO of Biocoat. "The GTCR team brings a wealth of industry knowledge and extensive experience in growing profitable, industry-leading organizations. With this added support, Biocoat will continue to focus on expanding our industry leading biomaterial product lines and supporting our customers with the level of excellence they have come to expect."
Luke Marker, Managing Director at GTCR, added, "As a firm with deep experience in the medical device industry, we are excited to partner with the talented Biocoat management team and continue to build the Company into a leading player in the medical coatings space. The Biocoat team deserves an immense amount of credit for growing the organization this quickly and helping to ensure that its impressive momentum over the past several years can be sustained well into the future."
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
Biocoat, Inc. is a full-service coatings provider specializing in supplying lubricious hydrophilic coatings custom engineered to meet specific clinical parameters for medical devices to original equipment manufacturers, start-up companies, and contract manufacturers. Biocoat also provides coating services and dip-coating equipment to medical device companies that require assistance with manufacturing.
1315 Capital is a private investment firm with over $925 million under management that provides expansion and growth capital to commercial-stage healthcare services, medical technology, therapeutics, and pharmaceutical services companies. 1315 Capital targets markets where high-quality management teams can rapidly scale platform companies into large and important businesses that positively impact patients, physicians, and the broader healthcare system. For more information, visit 1315capital.com.
SOURCE Biocoat, Inc.