Shore Capital-Backed IZI Medical Products Announces Acquisition of Quick-Core® Biopsy and Breast Localization Needle Assets from Cook Medical
CHICAGO--(BUSINESS WIRE)--Jan 8, 2019--IZI Medical Products, LLC (“IZI”), a leading interventional radiology medical device company and portfolio company of Shore Capital Partners, LLC (“Shore”), is pleased to announce it has acquired select soft tissue biopsy and breast localization needle assets from Cook Medical (“Cook”). The acquired portfolio of products are commercially marketed under the highly regarded Quick-Core® Biopsy Needle, MReye® Breast Localization Coil, and the Kopans and X-Reidy Lesion Localization Needles.
“This represents IZI’s third add-on acquisition in the last 18 months and significantly adds to our world-class portfolio of minimally invasive diagnostic and therapeutic products for the interventional radiology market,” said Greg Groenke, Chief Executive Officer, IZI Medical. “Cook has done a wonderful job over the last several decades establishing these products as leading brands in their space. We are excited to increase the market penetration of these products through significant investment in domestic and international selling resources, select product enhancements, and new product development. These products are complementary to the line of Osteo-Site® needles that IZI acquired from Cook in 2017.”
“IZI is strategically focused in diagnostic and therapeutic areas with imaging modalities, which will allow them to have a closer relationship with the diagnostic and interventional physicians that are performing the procedures,” commented Mark Breedlove, Vice President, Vascular Division at Cook Medical. “We were looking for a company that could invest more resources and continue to support these product families, the patients that benefit from them, and the physicians that use them. We have worked with IZI in the past and determined that they would be the ideal partner moving forward, and we are pleased to support the transition as IZI prepares to manufacture these products. This agreement will benefit patients, customers, and hospitals alike.”
“This acquisition continues to expand the breadth of products offered by IZI and is consistent with the strategy we developed when we partnered with Greg Groenke and the management team at IZI less than three years ago,” said Don Pierce, a Partner of Shore Capital and Chairman of the Board of IZI. “We are building a leading platform to serve the interventional radiology and oncology markets with quality diagnostic and therapeutic medical devices. These product families will further extend IZI’s international sales reach and increase the depth of its portfolio.”
About IZI Medical Products As a leading innovator, manufacturer, and distributor of quality medical devices, IZI Medical provides the continuity that our healthcare partners need to succeed. Based in Owings Mills, Maryland, just outside Baltimore, IZI is a leading developer, manufacturer, and provider of high-quality medical consumable devices used in interventional radiology and oncology, radiation therapy, neuro-spine, and image guided surgery procedures. IZI has built a diverse portfolio of products backed by strong intellectual property and currently sells to more than 1,000 domestic customers as well as internationally across 25 countries.
About Shore Capital Shore Capital Partners is a Chicago-based private equity firm focused exclusively on microcap 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 $600 million of equity capital under management through various investment vehicles.
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CONTACT: Philip Nunes
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY MEDICAL DEVICES ONCOLOGY RADIOLOGY
SOURCE: IZI Medical Products
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PUB: 01/08/2019 06:00 AM/DISC: 01/08/2019 06:00 AM