GTCR Announces Investment in Biocoat

Leaders Strategy™ Investment to Support Growth and Expansion of Biocompatible Medical Device Coatings Provider

CHICAGO, Nov. 2, 2022 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has made a strategic, majority investment in Biocoat Holdings, LLC ("Biocoat" or the "Company"). As part of The Leaders Strategy™, GTCR will again partner with industry veteran Chip Hance, the current Chairman of GTCR portfolio company Regatta Medical Holdings, LLC (d/b/a "Resonetics"), who will join Biocoat as Executive Chairman. Going forward, the existing Biocoat management team, led by CEO Jim Moran, will continue in their existing roles executing on Biocoat's growth initiatives in partnership with GTCR.

Founded in 1991 and headquartered in Horsham, Pennsylvania, Biocoat is a leading medical device contract manufacturing organization ("CMO"), specializing in custom, biocompatible hydrophilic coatings for interventional medical devices. The Company's capabilities include developing and supplying customized coatings formulations, performing coatings application services, and offering coatings equipment solutions. Over the past 31 years, Biocoat has developed a diverse base of both blue-chip and emerging medical device customers, a highly experienced team of engineers and scientists, and state-of-the-art manufacturing and R&D facilities. This platform enables the Company to work with its customers across a wide range of interventional products and medical device segments, including neurovascular, ophthalmology, cardiovascular and other interventional specialties.

GTCR has a longstanding relationship with Mr. Hance, having originally partnered with him to form Regatta Medical in 2017 as a Leaders Strategy™ partnership to pursue opportunities in the medical device industry and acquired Resonetics, a leading medical device contract manufacturer, in February 2018. Under Mr. Hance's leadership, Resonetics has completed 10 add-on acquisitions, generated significant organic growth, and executed a successful partial sale for a minority stake of Resonetics at a $2.25 billion enterprise value in November 2021. Prior to partnering with GTCR, Mr. Hance served as Chief Executive Officer of Creganna Medical, a leading supplier of contract manufacturing services for medical devices, where he significantly grew the business via acquisitions and organic growth before completing a successful sale of the company in 2016 to TE Connectivity. Mr. Hance also spent more than 20 years in senior leadership roles at Abbott Laboratories, culminating with his role as President of Abbott's Vascular division, building it into a global leader in interventional cardiology with more than $3 billion in revenues.

"Jim Moran and the Biocoat team have built an exciting platform company," said Chip Hance. "We look forward to investing in the business, further building out its scale and capabilities and becoming an increasingly valuable partner to our growing base of customers."

"Biocoat has an excellent track record of developing high-quality biocompatible medical coatings formulations using innovative technologies, and we look forward to investing additional capital to support both organic initiatives and strategic follow-on acquisitions in the medical coatings and broader biomaterials sector," said GTCR Managing Director Luke Marker.

Sean Cunningham, GTCR Managing Director and Co-Head of Healthcare, added: "This investment demonstrates GTCR's continued commitment to The Leaders Strategy™, as we find ways to partner with experienced management teams. We look forward to supporting Chip, Jim, and the Biocoat team as the Company continues its aggressive pursuit of follow-on acquisitions in the next chapter of its growth."

Existing Biocoat management and 1315 Capital, the selling equity sponsor, will retain minority stakes in the Company. Kirkland & Ellis LLP served as legal counsel and Baird served as financial advisor to GTCR. Piper Sandler served as exclusive financial advisor to Biocoat.

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.

Founded in 1991, Biocoat is a leading provider of medical coatings products and services for medical devices in the fast-growing interventional sector. The Company is focused on developing highly technical, customized coating formulations critical to medical device performance. Biocoat's custom hydrophilic coatings are lubricious, abrasion resistant, biocompatible and can be applied to a wide range of polymeric and metallic substrates. Learn more at www.biocoat.com.

Contact:
Kellie Kennedy
312-933-4903
[email protected]

SOURCE GTCR