Shore Capital Partners has completed the acquisition of Summit Medical a 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 sterilisation 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,” says Curt Miller, Founder and Chairman of Summit Medical. “I was impressed by Shore’s vision for the Company and expertise in the microcap healthcare 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, a USD112.5 million investment vehicle raised in May 2014.
