Medical technology solutions provider MedShift has received a senior secured credit facility worth $45m from investment firm Turning Rock Partners (TRP).
The company received the structural loan from TRP as part of a comprehensive $108m financing round spearheaded by the management and existing shareholders.
TRP focuses on debt, equity, and hybrid investments, specifically targeting businesses in the lower-middle market segment in North America.
TRP senior managing director Erin Andrew said: “Our capital investment and insights helped develop a strong working relationship with the management team of the innovative and tech-enabled medical equipment business and set them up for continued growth.
“We thank all the parties involved for a successful outcome. Notably, we also wanted to thank our Senior Advisors on the deal, Alex Jung and Dan Nalawade, who provided invaluable insights on the business.”
Established in 2015, MedShift is focused on offering solutions to customers in the aesthetic industry.
The company aims to serve both medical device manufacturers and individual medical providers in multiple markets, including gynaecology, dermatology, plastic surgery, and medspa.
MedShift mainly focuses on three key technology divisions, including Specialty Device Subscription, Connected Medical Device (IoT), and the Velocity Technology Suite (enterprise software as a service).
Furthermore, the firm offers a diverse range of complementary products and services, aimed at simplifying the complex supply-and-demand landscape of device consumables and injectables.
MedShift executive chairman and co-founder Brian Phillips said: “We thank Turning Rock for its support and for being an engaged partner during this period of growth.
“Turning Rock’s appreciation for high growth, technology-focused businesses was paramount in our decision to partner.”