Case Study
Specialty manufacturer of hydrophilic coatings used in medical devices.
Year of Investment
2018
Deal Type
Growth Buyout
Status
Partially Realized (acquired by Regatta Medical / GTCR in 2022)
Vertical
Pharma/Medtech Outsourcing
Location
Horsham, PA
Market Dynamics
Growing demand for outsourced coating services in minimally invasive medical devices.
Innovation Leader
First-mover advantage in hyaluronic acid based hydrophilic coatings.
Strong Customer Retention
High switching costs for customers with coatings embedded in regulatory clearances.
Team Augmentation
Strengthened leadership team and board and reorganized commercial team to drive pipeline and new customer growth.
Product Innovation
Launched HYDAK UV product, opening ~35% of addressable market.
Corporate Development
Led divestiture of non-core reproductive technology business.
1315 Capital was more than an investor — they were true partners. Their financial support, strategic insight, and support of our vision enabled Biocoat to grow from a small specialty player into a market leading hydrophilic coating company for medical devices in the U.S. in under four years. Together, we achieved a transformational outcome.
3
Complementary Offerings Across Products, Development, and Services
12.3
Years of Average Contract Length
100%
Customer retention since founding
23%
EBITDA CAGR during 1315 Capital majority hold period
Key Highlights
Results
Biocoat grew to become a global leader in custom, lubricious, abrasion resistant, and biocompatible medical coatings that can be applied to a wide range of polymeric and metallic substrates. With sticky revenue streams and strong profitability margins, the company attracted the attention of multiple buyers and was ultimately acquired by GTCR and Regatta Medical with a meaningful rollover from 1315 Capital.