5th Century Partners Announces Investment in LSL Healthcare

January 24, 2023

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6.20.2021 | Metadata

The transaction represents 5th Century Partners’ sixth investment from Fund I and further expands the firm’s role in healthcare

CHICAGO, Dec. 15, 2022 /PRNewswire/ — 5th Century Partners, a purpose-driven private investment firm committed to driving economic and social impact, today announced that it has made a majority investment in LSL Healthcare (“LSL”), a leading manufacturer of single-use medical devices, IV start kits, surgical procedure kits and hospital supplies.

For over 30 years, LSL has been a choice supplier for group purchasing organizations (“GPOs”), integrated delivery networks (“IDNs”) and other healthcare companies and is known for its high-quality products, competitive pricing, customization capabilities and commitment to customer service. The company currently has more than 900 SKUs that serve over 3,800 customers across the U.S.

As part of the investment, Victor Bridgeman, an experienced business leader with 25 years of operational experience, will join LSL as CEO to lead the day-to-day business operations. Bridgeman has held previous leadership positions at Andis Company and GE Healthcare. Colleen Mocko, a seasoned finance executive, has also joined the company as CFO. Mocko brings more than 15 years of accounting and finance experience from several private equity-backed companies and has served as CFO of Omingo Software and vice president of finance at CareerBuilder.

Founder and current CEO, Ash Luthra, will move into a strategic advisory role where he will partner closely with 5thCentury Partners, Bridgeman, Mocko and LSL’s broader management team to identify organic growth opportunities for the company.

“This is an exciting next step in LSL’s growth journey. 5th Century Partners has already been an incredible partner throughout this process, and we expect to greatly benefit from their deep experience in the healthcare space,” said Ash Luthra, founder and CEO at LSL Healthcare. “For the past 30 years, our company has stood for quality, service and dependability, and we’re confident that this investment and bringing Victor and Colleen onto the team will allow LSL to expand our capabilities, serve more customers and take our company to the next level.”

5th Century Partners and LSL will pursue multiple opportunities to build upon LSL’s already strong foundation. The two businesses will work together to create a more robust sales function, including establishing a national team that will help LSL extend its reach and market share. The investment will also help LSL tap into adjacent product categories, leveraging the company’s unique manufacturing capabilities, and expand into new distribution channels to reach untapped customer groups, such as ambulatory service centers and home healthcare.

“The last few years have shown the importance of having safe medical equipment, and LSL has distinguished itself by consistently providing healthcare organizations with clean, sanitized and quality products during a time when having a reliable source of hygienic devices to help reduce hospital-acquired infections is more crucial than ever,” said Bruce Hampton, managing partner at 5th Century Partners. “Medical supplies is a steadily growing and resilient market, and we look forward to working with LSL to build on their success in this space.”

“LSL plays an integral role in the healthcare ecosystem because they create products that are essential for the delivery of care,” said Marques Torbert, managing partner at 5th Century Partners. “We’re thrilled to partner with a company that so closely aligns with our investment strategy and healthcare expertise but also shares our commitment to improving outcomes and driving impact for communities.”

DLA Piper served as legal counsel to 5th Century Partners, and Kayne Anderson Capital Advisors provided debt financing to support the transaction. Kroll was the sell-side advisor to the transaction.

About LSL Healthcare
LSL Healthcare is a leading manufacturer of a variety of disposable medical devices, surgical procedure kits and hospital supplies for many of the nation’s leading IDNs, healthcare companies and GPOs. Since 1985, the company has been committed to quality, service and dependability while successfully vertically integrating its manufacturing process to lower costs.

About 5th Century Partners
5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within healthcare, consumer and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders.

SOURCE 5th Century Partners