International. GTCR, a private equity firm, has made a strategic investment in the company.
Biocoat, a manufacturer specializing in hydrophilic biomaterial coatings, immersion coating services and equipment for medical devices, announces that GTCR, a private equity firm, has made a strategic investment in the company. The transaction closed on November 1, 2022.
Biocoat offers a full-service solution for biocompatible hydrophilic coatings used in medical devices in the neurovascular, cardiovascular, peripheral and ophthalmic markets for OEMs, start-ups and contract manufacturers.
The recapitalization of Biocoat will allow the company to continue its impressive growth in the biomaterials coatings market and open up opportunities for global growth, improved product offerings and expansion of manufacturing facilities.
Biocoat's existing majority investor, 1315 Capital, a Philadelphia-based healthcare growth equity firm, will retain a minority stake in the Company.
"It has been a pleasure to work with the Biocoat team as the business has transformed over the past four years," said Michael Koby, founding partner of 1315 Capital.
"We are excited for its next phase in partnership with GTCR as the company continues to build on its leading position in the market."
Jim Moran, President and CEO of Biocoat, said, "I am very proud of the Biocoat team, who have perfectly executed our aggressive growth strategies over the past few years. The GTCR team brings a wealth of industry knowledge and extensive experience in growing profitable and industry-leading organizations."
"With this additional support, Biocoat will continue to focus on expanding our industry-leading biomaterials product lines and supporting our customers with the level of excellence they expect," added Moran.
GTCR Manager Luke Marker said: "As a company with a wealth of experience in the medical device industry, we are excited to partner with Biocoat's talented management team and continue to make the company a leading player in the medical coatings space."
"The Biocoat team deserves a great deal of credit for growing the organization so quickly and helping to ensure that its impressive momentum over the past few years can be sustained into the future," Marker added.
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