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Shore Capital Partners Invests In a Comprehensive Addiction Treatment Platform

November 28, 2017

CHICAGO – November 2017 – Shore Capital Partners (“Shore Capital” or “Shore”) is pleased to announce the recapitalization of BrightView, LLC (“BrightView” or the “Company”). Headquartered in Cincinnati, the Company currently has 4 locations in Ohio and provides psychological, social and medical services, including medication assisted treatment, to individuals suffering from addiction. Financial terms of the transaction were not disclosed.

Shore has partnered with BrightView to increase access to effective comprehensive addiction treatment throughout Ohio and the surrounding states. Chad Smith, Chief Executive Officer (CEO), co-founded the Company in 2014 and has successfully led and grown the business, opening centers three and four this past summer. The Company plans to grow quickly to help address the immense unmet need for comprehensive medication assisted treatment across Ohio.

“We created BrightView with the goal of helping those in greatest need of addiction treatment services. Our comprehensive approach differentiates us from other providers and grants patients the greatest opportunity for a successful recovery,” stated Mr. Smith. “When we found Shore Capital, we discovered an ideal partner that would support our community center growth while never compromising on clinical quality.”

Shore plans to invest in infrastructure to standardize operations and provide support to BrightView’s current and future clinics including centralized finance, accounting, human resources, IT, development and marketing.

Rates of addiction and drug abuse, specifically opiates, are at an all-time high and have been rising steadily across all demographic groups and states since 2010. Drug overdoses are currently the leading cause of death in the U.S. for people under 50. In 2016, 11.8 million people reported misusing opioids. Further, 2.1 million individuals met the clinical criteria for having an opioid disorder. According to The National Survey on Drug Use and Health, as of 2015, only 11% of those suffering from a substance use disorder received treatment. BrightView hopes to help alleviate this treatment gap, by providing both high quality treatment and easily accessible care.

“BrightView’s differentiated model of care makes them the ideal partner as we set out to help more patients and communities in the Ohio Valley region,” stated John Hennegan, a Partner with Shore Capital. “Chad, his co-founders, and the entire BrightView team work each day to battle the biggest medical crisis of our time. We’re excited to utilize our experience in scaling leading healthcare service companies to assist them.”

This investment represents the third platform investment out of Shore Capital Partners Fund II, L.P., a $190 million investment vehicle raised in April 2017.

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 $350 million of equity capital under management through various investment vehicles including Shore Capital Partners Fund II, L.P. with $190 million of capital commitments. For more information, please visit:

Navia Benefit Solutions Announces Partnership with Shore Capital Partners

November 20, 2017

Renton, WA – November 2017 – Navia Benefit Solutions, Inc. is pleased to announce that it has formed a growth partnership with Shore Capital Partners, a Chicago-based private equity firm focused on the healthcare industry. Founded in 1989, Navia is a leading third-party administrator (“TPA”) of consumer directed health benefit solutions serving clients nationwide.

Shore partnered with Hilarie Aitken and Matt Aitken who have led Navia through a period of tremendous growth since taking an active leadership role in 2003 following the passing of their father, Stan Aitken. Under the name Flex-Plan Services, Inc., Brothers Stan and Jim Aitken founded Navia in 1989 after seeing an opportunity to help employers administer tax-advantaged account based benefits such as Flexible Spending Accounts (“FSA”). Since then, Navia has evolved to offer other tax-advantaged benefits including Commuter and Transit Benefits, Health Savings Accounts (“HSA

"), Health Reimbursement Arrangements (“HRA”) and COBRA services.

“We believe Shore is the ideal partner to help facilitate growth through the expansion of our platform with new products and services over the coming years. We continue our commitment to providing the highest quality customer service and differentiated product offerings,” explained Ms. Aitken, CEO, who continues to lead the Company and will maintain a significant ownership position. “Shore’s support of strategic growth initiatives and proven expertise in partnering with other family-owned healthcare service businesses is impressive. We look forward to the opportunity to expand our platform with new products to new and existing customers.”

A highly experienced Board of Directors joins Navia in connection with the partnership to help execute Navia’s growth plan. The three independent Directors joining Navia include: (i) Greg Bell: experienced TPA operator and founder of First Benefit Corp. and HealthX, (ii) Jim Forrest: founding investor and former Director of MBI (now Alegeus), a leader in FSA payment processing technology, and (iii) Bill Clendenen: founder and former CEO of Health & Safety Institute, a compliance, safety and training services business that realized enterprise value growth of over 24% annually from 2006 to 2016 across three different private equity partnerships.

Ryan Kelley, a Partner at Shore Capital noted that, “We are excited to partner with a proven industry leader such as Navia. Supporting the growth of Navia by investing in products, people, and process to scale their unique TPA service offering is what we do best. After studying the broader payor services landscape, we believe that Navia represented an exceptional opportunity for Shore to grow a company well-positioned for an acceleration in consumer-directed healthcare. When you boil it down, Navia is helping consumers manage first dollar out-of-pocket healthcare expenses. The need for Navia’s services are only becoming more relevant given the rapid increase in health insurance premiums and rising healthcare deductibles pushed onto consumers.”

Navia represents the fifth platform investment out of Shore Capital Partners Fund II, L.P., a $190 million investment vehicle raised in April 2017.

About Shore Capital

Shore Capital Partners is a Chicago-based private equity firm focused exclusively on lower middle market healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, and fund acquisitions. Shore has approximately $350 million of equity capital under management through various investment vehicles including the recently formed Shore Capital Partners Fund II, L.P. with $190 million of capital commitments.

Shore Capital Partners and EyeSouth Partners Expand Through Affiliation with Georgia Retina

August 3, 2017

ATLANTA, GA, August 2, 2017 – Shore Capital Partners ("Shore Capital"), a leading lower middle market healthcare private equity firm, is pleased to announce its portfolio company EyeSouth Partners (“EyeSouth” or the “Company”) has completed a strategic partnership with Georgia Retina, one of the largest retina medical practices in the Southeast.

“Our primary aim at Georgia Retina has always been to deliver exceptional medical and surgical retinal care combined with an outstanding patient experience,” said Dr. Michael Jacobson, who along with Dr. Scott Lampert founded Georgia Retina in 1994. “To further and build upon this mission in the rapidly changing healthcare environment, we have decided to enlist Shore Capital and EyeSouth as our partners to help us strengthen and expand our administrative and organizational structure.”

For over 20 years, Georgia Retina and its 13 board-certified ophthalmologists have offered first-class expertise in the treatment of diseases of the retina, macula, and vitreous to patients via 12 locations in the Atlanta metro area and throughout Georgia, including a strong commitment to providing care in underserved areas.

“Georgia Retina, EyeSouth and Shore Capital share similar cultural values,” said Dr. Atul Sharma, Managing Partner of Georgia Retina. “We are all committed to clinical excellence, increasing access to high quality care and providing our employees with opportunities for personal and professional growth. “We have a common vision of building a leading ophthalmology practice in the Southeast.”

“We are certain that Shore Capital and EyeSouth will enhance our ability to offer personalized cutting-edge care, the latest technologies, and expanding clinical research,” said Dr. Mark Rivellese of Georgia Retina. “We look forward to working together to better serve our patients throughout Georgia.”

Georgia Retina will continue to operate under its brand in the community with no changes to its staff, physicians or locations. Paul Lucas, CFO and Administrator of Georgia Retina, will continue to lead Georgia Retina as the President of EyeSouth’s Posterior (retina) Division.

“In the early days of forming EyeSouth, it was clear to us that Georgia Retina had a reputation in Georgia and the Southeast for leading clinical quality that aligned well with EyeSouth’s culture and vision,” said Justin Ishbia, Managing Partner at Shore Capital. “We are very excited to partner with the Georgia Retina physicians, Paul and their team as we continue to build a premier network of medical and surgical eye care services in Georgia and the Southeast.”

EyeSouth previously completed an affiliation with Georgia Eye Partners in February 2017. EyeSouth’s affiliate network consists of 26 doctors providing medical and surgical eye care services at 17 locations in Georgia.

About Georgia Retina

Headquartered in Atlanta, GA with 12 locations, Georgia Retina is one of the largest retina-only medical practices in the southeastern U.S. For over 20 years, Georgia Retina’s board-certified ophthalmologists have been offering first-class expertise in the treatment of diseases of the retina, macula and vitreous.

About EyeSouth Partners

Headquartered in Atlanta, GA, EyeSouth Partners (“EyeSouth”) is an eye care services organization committed to partnering with leading physicians to build a premier network of eye care services in Georgia and the Southeast. EyeSouth’s partner practices’ clinical mission is to provide high quality medical and surgical specialty eye care. EyeSouth supports its affiliated practices and physician partners with capital, administrative resources, operating expertise, and strategic guidance with an absolute focus on clinical quality and a patient-first culture. EyeSouth’s affiliate network consists of 26 doctors practicing at 17 locations in Georgia.

Shore Capital Closes Recap of Behavioral Innovations

June 27, 2017

June 5, 2017 ‐ Shore Capital Partners (“Shore Capital” or “Shore”) is pleased to announce that it has completed a recapitalization of Behavioral Innovations (“BI” or the “Company”) and formed SCP Behavioral Innovations HoldCo, LLC. Behavioral Innovations provides center-based and in-home applied behavior analysis therapy (“ABA”), speech therapy (“SLP”) and occupational therapy (“OT”) services to children ages birth through 18 with autism spectrum disorder and other related developmental disabilities. In addition, BI offers adult services in community-based treatment settings. Behavioral Innovations has 13 centers in central and northern Texas and in-home services in the Oklahoma City, OK area.

Shore has partnered with Dan Nicholson, Executive Vice President, and co-founders Carla Edwards and Lori Russo, Board Certified Behavior Analysts (“BCBAs”). Ms. Edwards and Ms. Russo have been providing autism therapy services in Texas since 2000 and have established one of the largest providers in the state, representing a unique combination of best-in-class clinical quality and relative scale. Mr. Nicholson joined the Company in 2013 and has provided key leadership support and business development expertise amidst a period of robust growth.

“With a broad spectrum of high quality services helping children and adults with autism, Behavioral Innovations is the ideal partner for our growth investment,” said John Hennegan, Partner at Shore Capital and Chairman of SCP Behavioral Innovations HoldCo, LLC. “The formation of SCP Behavioral Innovations represents a unique opportunity to continue to recruit high caliber clinicians and expand access to treatment through new center openings and growth within the existing centers. We look forward to building a leading organization in the southwest, while continuing to provide the highest quality clinical care to our patients.”

“Shore Capital’s track record proves they’re the ideal partner as we accelerate our growth into new markets and expand our reach to serve more communities in Texas and Oklahoma,” said Dan Nicholson.

Behavioral Innovations plans to expand its presence through new center openings and select add-on acquisitions, while maintaining a therapist-driven culture with a clear focus on clinical care. As the prevalence of autism spectrum disorder increases and state insurance mandates improve access to therapy, it will be critical for high-quality providers like BI to expand and meet the growing demand.

“Shore Capital’s deep experience in multi-site healthcare services enables them to understand the unique needs of our business and provide the operating expertise, access to capital, and strategic guidance to help expand our footprint,” said Carla Edwards, who will continue in her role as Executive Director of Operations.

“Shore’s steadfast commitment to clinical quality confirmed we have identified the right partner for the next stage of growth,” added Lori Russo, who will continue to serve as Executive Director of Clinical Services.

This investment represents the first platform investment out of Shore Capital Partners Fund II, L.P., a $190 million investment vehicle raised in April 2017.

Shore Capital Partners Announces Acquisition of Spine Assets from Cook Medical

May 11, 2017

May 10, 2017 ‐ Shore Capital Partners, LLC (“Shore Capital” or “Shore”) is pleased to announce that IZI Medical Products, LLC (“IZI Medical” or “IZI”), its interventional products platform, has acquired the vertebroplasty family of products from Cook Medical (“Cook”). The acquired portfolio of products are commercially marketed under the highly regarded Duro-Ject® Osteo-Site®, Osteo-Force® and Vertefix® brands, consisting of needles, injectors and cements. These products are used in the growing market for treating vertebral compression fractures through a minimally invasive procedure.

“Cook has done an excellent job establishing these products as reliable, high-quality solutions for treating vertebral compression fractures and we have enjoyed working with them on this transaction,” said Greg Groenke, Chief Executive Officer, IZI Medical. “We are excited to increase the market penetration of these products through significant investment in a dedicated sales force, international distributor network, select product enhancements, and new product development, such as a unique and broader cement offering. IZI is also excited to be partnering with Dr. Kieran Murphy as part of the acquisition.”

Dr. Murphy is a highly regarded neuro-interventional radiologist who invented the primary needle and subsequently developed much of the vertebroplasty product line commercialized by Cook. Dr. Murphy will serve as a Key Opinion Leader and play an integral role in product development for IZI.

“This is a transformative acquisition for IZI, and is consistent with the strategy we developed when we partnered with Greg Groenke and the management team at IZI a year ago,” said Don Pierce, a Partner of Shore Capital Partners and Chairman of the Board of IZI. “This acquisition is an excellent fit with the broader strategy of building a leading platform serving the interventional radiology and oncology markets. This product family will extend IZI’s international sales reach and increase the depth of its product portfolio.”

Additionally, and concurrent with the product family acquisition, Michael Shaffer will be transitioning from Shore Capital Partners to IZI to serve as its Chief Financial Officer, where he will drive the integration of this acquisition and subsequent investments.

Spinal compression fractures are often caused by osteoporosis, a disease of low bone strength that affects an estimated 10 million Americans, resulting in an estimated 700,000 spinal fracture cases annually that can cause disabling pain, height loss, balance difficulties and a decreased quality of life. In the U.S., approximately 50 percent of women and 25 percent of men over the age of 50 will experience an osteoporosis fracture in their lifetime.

Shore Capital Partners Announces Closing of Fund II with $190 Million in Commitments

April 4, 2017

April 4, 2017 ‐ Shore Capital Partners (“Shore” or the “Firm”), a strategic private equity firm focused exclusively on the healthcare industry, today announced the first and final close of its second institutional private equity fund, Shore Capital Partners Fund II (“Fund II”), at the hard cap of $190 million.

Fund II, raised in less than three months, surpassed its original target of $150 million and was substantially oversubscribed with investor demand approaching $750 million. Fund II will continue the successful investment strategy employed by the Firm’s predecessor fund and invest primarily in control buyouts, focusing on microcap healthcare businesses. With Fund II, Shore now manages a total committed capital base of approximately $350 million.

Commitments to Fund II came from substantially all the Firm’s existing investors, plus select new limited partners. Fund II attracted strong interest from many sophisticated institutions in North America, resulting in a diverse investor base comprised of leading university endowments, financial institutions, funds of funds and family offices. Additionally, the partners of Shore have committed to invest a substantial amount of capital alongside Fund II.

“We are humbled by the reception Fund II has received from such a highly-respected group of investors,” said Justin Ishbia, Founder and Managing Partner of Shore Capital Partners. “Fund II will allow us to continue our strategy of investing in companies in growth healthcare sectors that will benefit from our operating expertise and deliver outstanding returns to our investors. We are grateful for the support of our limited partners and thank them for their commitment and trust in Shore.”

Shore Capital Partners is also pleased to announce the promotion of Chris Mioton to Principal. Mr. Mioton joined Shore in 2015 and has been instrumental in value creation for the Firm. Further, Shore has cultivated a strong roster of experienced healthcare Operating Partners to assist in deal sourcing, due diligence, and portfolio company management.

Shore Capital Partners has achieved a top-tier track record and expertise in growing healthcare companies. Shore invests in businesses with strong growth potential in favorable niche segments in healthcare services, medical products and consumer‐directed healthcare. Target investments range in size from $1 to $7 million in EBITDA. Shore targets equity commitments of $10 to $30 million per platform and grows companies through both organic initiatives and strategic acquisitions. Shore’s partners, Justin Ishbia, Ryan Kelley, Mike Cooper, John Hennegan and Don Pierce, have been investing together since 2009, completing 50 acquisitions across 13 platforms.

Kirkland & Ellis LLP served as legal advisor to Shore Capital Partners for the fundraising efforts. Shore did not use a placement agent.

Shore Capital Partners announced formation of EyeSouth Partners, completes affiliation with Georgia Eye Partners

March 14, 2017

March 14, 2017 – Shore Capital Partners (“Shore Capital” or “Shore”) is pleased to announce that it has formed EyeSouth Partners, LLC and completed a strategic partnership with Georgia Eye Partners (“Georgia Eye” or the “Company”). Founded in 1999 by Dr. Eugene Gabianelli, Georgia Eye is a leading eye care practice with four locations in the Atlanta, Georgia area. The Company offers medical and surgical specialty eye care services, including treatment for cataracts, corneal disease, refractive surgery, glaucoma, and oculoplastics through OPAL Aesthetics.

Shore Capital is proud to partner with Georgia Eye’s three partner physicians, Dr. Eugene Gabianelli (“Gino”), Dr. Andrew Feinberg (“Andrew”), and Dr. Parul Khator (“Parul”), who have established a reputation for high quality medical and surgical specialty eye care and lead a team of eight ophthalmologists and five optometrists. Gino, Andrew, Parul, and the Georgia Eye team have demonstrated impressive growth through the addition of new service lines, recruiting talented physicians and specialists, and new center openings and practice affiliations.

“We are tremendously proud of what our team has built over the past 17 years and appreciative of the trust our patients and referral partners place in us. We believe Shore Capital is the ideal partner to help facilitate our next phase of transformational growth and shares our commitment to leading clinical quality, operational excellence, a great workplace culture for our team members, and increased patient access,” said Dr. Gabianelli, founding physician, who will continue to lead the Company’s clinical team as Chief Medical Officer.

“I’ve been impressed by Shore’s energy, support of strategic growth initiatives, and proven expertise in the multi-site healthcare services space,” said Dr. Feinberg. “The partnership provides us with access to capital, administrative resources, operating expertise and strategic guidance while maintaining absolute focus on clinical quality as we seek to execute on our vision of building a leading practice in the Southeast,” said Dr. Khator.

“We could not be more excited to partner with Gino, Andrew, Parul and their team and look forward to creating a leading eye care provider in the Southeast, while providing the highest level of support to our practices and clinicians,” said Justin Ishbia, Managing Partner at Shore Capital and Chairman of EyeSouth Partners. “We are confident the industry trends will continue to support expansion thereby enhancing patient access and creating additional opportunities for our team members. Georgia Eye Partners provides an excellent foundation to build a best-in-class organization.”

Shore plans to invest in infrastructure to further standardize operations and centralize the finance, accounting, human resources, and IT functions to allow the clinicians to focus on providing high quality eye care services. Shore will be adding additional executive team members around current Chief Executive Officer Scott Bullock, who joined the Company in 2010 and has overseen a period of more than three times revenue growth.

The Company will pursue affiliations with independent eye care practices in order to build a group of clinicians that maintains a patient-first culture with a clear focus on clinical care.

EyeSouth Partners represents the eighth platform investment out of Shore Capital Partners Fund I, L.P., a $112.5 million investment vehicle raised in May 2014.

Shore Capital Partners announced an investment in Argentum Medical

January 31, 2017

January 20, 2017 – Shore Capital Partners (“Shore Capital” or “Shore”) today announced that it has completed a growth investment in Argentum Medical, LLC and certain assets of Cura Surgical, Inc. (“Argentum” or the “Company”). Founded in 2001 and located in Geneva, IL, Argentum manufactures and sells innovative wound care products across a wide number of clinical applications, including the Silverlon® (“Silverlon”) brand, its rapidly-growing, proprietary range of silver-based antimicrobial products.

The core platform technology in Silverlon is a uniquely designed silver-plated nylon matrix that provides the powerful antimicrobial properties of silver ions in the dressing without staining the skin and without increasing bioburden. Silverlon dressings are used today by surgeons and other healthcare professionals around the world on surgical wounds, burns, chronic wounds, IV catheter-related wounds, and for negative pressure wound therapy.

Following Argentum’s history of robust research and development support, in 2015, the U.S. Biomedical Advanced Research and Development Authority (“BARDA”) awarded Argentum a multi-year contract up to $16.5 million to conduct research to support new Silverlon indications. In addition, BARDA selected Silverlon from a broad range of wound care products for inclusion on an annual basis in the Strategic National Stockpile (“SNS”). The SNS is intended to offer products that have the potential to eliminate resource-intensive steps, shorten hospital stays and improve patient outcomes in the event of a disaster.

“Shore Capital is the ideal partner for Argentum as the Company continues to move into a rapid growth phase,” said Raul Brizuela, CEO of Argentum, who will continue to lead the Company’s management team. “I’ve been impressed by Shore’s shared vision with the Company, support of strategic growth initiatives, and proven expertise in the healthcare space. We are excited for the partnership and look forward to accelerating growth of the Silverlon brand worldwide.”

Shore will focus on expanding sales and marketing efforts with U.S. hospitals, burn and wound care centers, as well as with international customers. Additionally, the Company will pursue an aggressive acquisition strategy to broaden its advanced wound care and infection prevention portfolio. Shore will be supplementing the incumbent management team with an experienced board of directors to help support these efforts. The partnership’s goal is to create a leading advanced wound care platform by further penetrating the U.S. market, expanding into additional clinical uses, and pursuing targeted new product innovation.

“We are thrilled to partner with Raul and the Argentum team during this exciting stage of growth for the business,” said Don Pierce, Partner at Shore Capital. “Advanced wound care products, specifically anti-microbial dressings, will continue to provide significant value to hospitals as they strive to improve quality and patient outcomes, decrease costs and mitigate risk. Argentum and Silverlon are uniquely positioned to provide comprehensive solutions for improved wound care management. We look forward to working with the Argentum team to build a market leader in the U.S. and internationally.”

Argentum represents the seventh platform investment out of Shore Capital Partners Fund I, L.P., a $112.5 million investment vehicle raised in May 2014. Argentum was advised by The Walden Group during the transaction.

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