Biocoat announced that private equity firm GTCR has made a strategic investment in the maker of hydrophilic biomaterial coatings for medical devices.
The deal closed yesterday. The companies did not disclose financial terms. Biocoat’s existing majority investor, 1315 Capital, will retain a minority stake in the Horsham, Pennsylvania–based company. In addition to making coatings, the company provides related services and dip-coating equipment for medical devices.
Biocoat officials say the recapitalization will enable the company to continue its growth in the biomaterial coatings market. The money will go toward global growth opportunities, enhanced product offerings and manufacturing facility expansion. (Find out more from Biocoat at Booth No. 3226 at MD&M Minneapolis, which runs today and tomorrow.)
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“I am very proud of the Biocoat team, which has flawlessly executed on our aggressive growth strategies over the past several years,” Biocoat CEO Jim Moran said in a news release. “The GTCR team brings a wealth of industry knowledge and extensive experience in growing profitable, industry-leading organizations. With this added support, Biocoat will continue to focus on expanding our industry-leading biomaterial product lines and supporting our customers with the level of excellence they have come to expect.”
Luke Marker, managing director at GTCR, sees the company’s management team continuing to grow the company into a leading player in the medical coatings space. “The Biocoat team deserves an immense amount of credit for growing the organization this quickly and helping to ensure that its impressive momentum over the past several years can be sustained well into the future.”
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