GTCR and Gregory T. Lucier Announce Merger of Surgical Specialties and TachoSil to Create Corza Medical
February 1, 2021
CHICAGO and WESTWOOD, Mass., Feb. 1, 2021 /PRNewswire/ — GTCR, a leading private equity firm, announced today that its management partnership with Gregory T. Lucier, Corza Health, has simultaneously acquired and merged Surgical Specialties Corporation (“Surgical Specialties”) and the TachoSil® Fibrin Sealant Patch (“TachoSil”) to create a new company, Corza Medical. Surgical Specialties is a medical technology company focused on high-performance surgical sutures and ophthalmic knives. TachoSil, previously owned by Takeda Pharmaceutical Company Limited, is a differentiated surgical patch product line used to enable safe and fast bleeding control during surgeries.
The company will be led by Executive Chairman Gregory T. Lucier and Chief Executive Officer Dan Croteau, with a global team of over 1,700 employees supporting clinicians, distributors and medical device companies. Corza Medical will provide healthcare professionals a platform of surgical technologies with industry-leading brands, including QuillTM barbed sutures, SharpointTM Plus and LookTM surgical sutures, Sharpoint ophthalmic knives, and the TachoSil fibrin sealant patch.
“The formation of Corza Medical immediately creates a market-leading, surgical technology business that brings together brands with decades of trust and clinical relevance,” said Lucier. “Our platform of technologies and our commitment to providing exceptional service will help transform surgical outcomes and change the lives of patients around the globe, while providing a foundation for continued, long-term growth.”
In 2019, GTCR partnered with Lucier to create Corza Health. The carve-out of TachoSil and its merger with Surgical Specialties together represent the platform acquisition for the partnership.
“The formation of Corza Medical is another example of the firm’s Leaders StrategyTM in action,” said Dean Mihas, Managing Director at GTCR. “Our management partnership with Greg allowed us to evaluate and execute this transformational merger. We look forward to supporting Greg, Dan and the company through organic growth initiatives, accretive acquisitions and new product introductions and innovations.”
“Corza Medical will be laser-focused on bringing differentiated, high-performance technologies to market with world-class service and value,” added Croteau. “We are excited to further build out the Corza Medical portfolio with acquisitions of complementary businesses and technologies, and to become an acquirer of choice in this fragmented market. I look forward to working alongside the GTCR team and Greg on this growth journey.”
The company will be headquartered in Westwood, MA, and operate in 13 countries throughout North America, Europe, and Asia, with manufacturing facilities in the U.S., Mexico, England, Germany, and China.
Barclays acted as financial advisor and Kirkland & Ellis acted as legal advisor to GTCR in this transaction.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $18 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Corza Health and Corza Medical
Corza Health was formed in 2019 as a partnership between Gregory T. Lucier and GTCR. Corza Health’s mission is to build a market-leading healthcare business with a particular focus on the broader medical technology and life sciences sector. Corza Medical was established as part of the Corza Health management partnership through a transformational merger of two surgical device companies, creating a leading provider of surgical medical technology. For more information, please visit www.corza.com.