Shore Capital Partners (“Shore” or “Shore Capital”), a Chicago-based private equity firm focused on microcap investing, is pleased to announce the sale of Innovia Medical (“Innovia”), a specialty single-use surgical essentials and instrument protection products company, to Inverness Graham, a Philadelphia-based buyout firm that acquires innovative, high-growth businesses.
Shore Capital formed Innovia Medical through the initial acquisitions of Summit Medical, Inc. (“Summit Medical”) in February 2015, and Shippert Medical Enterprises, LLC (“Shippert Medical”) in October 2015. Shore appointed long-time healthcare operator Terry Meredith as CEO of Innovia, who led the expansion of the company with the acquisition of six additional businesses, bolstering the platform’s strategic positioning, product portfolio and customer reach. Today, Innovia Medical is a global provider of single-use surgical essentials and sterile processing products with a manufacturing footprint in the United States and United Kingdom.
“Innovia’s success to-date can be attributed to the strong alignment of the platform’s founders and employees with the strategic direction that Terry expertly led,” said Don Pierce, Partner at Shore and Chairman of the Board of Innovia. “We are pleased to have supported the development of Innovia into one of the leading medical device platforms in the specialty surgical market, and we believe that the company is well-positioned for continued growth.”
“Our partnership with Shore has been invaluable,” said Terry Meredith, Chief Executive Officer of Innovia. “The firm was integral to our growth strategy, helping to build Innovia into a global provider of sought-after brands, ultimately improving outcomes for the patients we serve. We are excited about our next chapter and look forward to capturing future growth opportunities in partnership with Inverness Graham.”
The transaction closed on March 31, 2023. Piper Sandler & Co. served as financial advisor to Innovia and Winston & Strawn LLP served as legal advisor to Shore Capital and Innovia on the transaction. Faegre Drinker Biddle & Reath LLP served as legal advisor to Inverness Graham.