Key Takeaways
- • Sheridan Capital Partners acquired Carolina Components Group (CCG), a Durham, North Carolina-based manufacturer of single-use assemblies and bioprocessing equipment serving over 250 biopharmaceutical and contract manufacturing customers.
- • CCG's product portfolio includes pre-sterilized fluid-handling assemblies, bioprocessing bags (50 milliliters to 3,000 liters capacity), storage tanks, aseptic connectors, bottle-closure systems, and the FlowMixer benchtop device—all designed to eliminate cross-contamination risks inherent in reusable stainless-steel equipment.
- • Maurice Phelan, former president of Sartorius' North American operations (since January 2023), assumes the CEO role, bringing extensive bioprocessing experience from leadership positions at Repligen, Cytiva (formerly GE Healthcare Life Sciences), and Merck Millipore.
- • The acquisition reflects Sheridan Capital's multi-year thesis on recurring, consumable-driven demand in pharmaceutical manufacturing supply chains, characterized by recession-resistant revenue tied to regulated production volumes rather than individual drug commercial performance.
- • Founder John Cooling retains an equity stake and board seat post-close; Sheridan Capital Partners Fund III LP, which closed at its $575 million hard cap in July 2023, funded the transaction, with Houlihan Lokey serving as financial advisor to CCG.
Summary
Sheridan Capital Partners has completed its acquisition of Carolina Components Group, a specialized manufacturer of single-use bioprocessing equipment and fluid-handling assemblies. Founded in 2020 by John Cooling, CCG operates from its Durham, North Carolina headquarters and serves a customer base exceeding 250 biopharmaceutical and contract manufacturing organizations across North America.
CCG's core business centers on manufacturing pre-assembled, pre-sterilized single-use assemblies comprising tubing, bags, connectors, and fittings designed for customized biopharmaceutical production workflows. The company's product suite extends beyond basic assemblies to include two- and three-dimensional bioprocessing bags with fluid transfer and storage capacities ranging from 50 milliliters to 3,000 liters, storage and mixing tanks across comparable volumes, aseptic connectors, bottle-closure systems, and the proprietary FlowMixer benchtop mixing device. These products address a fundamental shift in biopharmaceutical manufacturing over the past two decades away from fixed stainless-steel infrastructure toward single-use disposable systems that reduce cross-contamination risk, accelerate product changeovers, and eliminate labor-intensive cleaning and re-sterilization cycles between production batches.
The transaction underscores Sheridan Capital's strategic positioning within the pharmaceutical manufacturing supply chain, where recurring consumable demand derives from regulated production volumes rather than tied to any single drug's commercial performance. Michael Bernard, a Sheridan partner, characterized the acquisition as culmination of the firm's "multi-year thesis" in this sector. Sheridan Capital Partners Fund III LP, which reached its $575 million hard cap in July 2023, supported the transaction, with Sean Dempsey, Michael Bernard, and Conor Kolstad of Sheridan leading deal execution. Houlihan Lokey served as financial advisor to CCG.
CCG's founder John Cooling remains invested in the company post-close with a retained equity interest and has joined its board of directors. Maurice Phelan, who led Sartorius' North American operations as president since January 2023 and oversaw several thousand regional employees, assumes the chief executive position. Phelan's background spans senior leadership roles at Repligen, Cytiva (GE Healthcare's former life sciences division), and Merck Millipore, positioning him to leverage Sheridan's operational resources and market expertise to expand CCG's service offerings and deepen relationships within its diversified blue-chip customer base.
CCG's core business centers on manufacturing pre-assembled, pre-sterilized single-use assemblies comprising tubing, bags, connectors, and fittings designed for customized biopharmaceutical production workflows. The company's product suite extends beyond basic assemblies to include two- and three-dimensional bioprocessing bags with fluid transfer and storage capacities ranging from 50 milliliters to 3,000 liters, storage and mixing tanks across comparable volumes, aseptic connectors, bottle-closure systems, and the proprietary FlowMixer benchtop mixing device. These products address a fundamental shift in biopharmaceutical manufacturing over the past two decades away from fixed stainless-steel infrastructure toward single-use disposable systems that reduce cross-contamination risk, accelerate product changeovers, and eliminate labor-intensive cleaning and re-sterilization cycles between production batches.
The transaction underscores Sheridan Capital's strategic positioning within the pharmaceutical manufacturing supply chain, where recurring consumable demand derives from regulated production volumes rather than tied to any single drug's commercial performance. Michael Bernard, a Sheridan partner, characterized the acquisition as culmination of the firm's "multi-year thesis" in this sector. Sheridan Capital Partners Fund III LP, which reached its $575 million hard cap in July 2023, supported the transaction, with Sean Dempsey, Michael Bernard, and Conor Kolstad of Sheridan leading deal execution. Houlihan Lokey served as financial advisor to CCG.
CCG's founder John Cooling remains invested in the company post-close with a retained equity interest and has joined its board of directors. Maurice Phelan, who led Sartorius' North American operations as president since January 2023 and oversaw several thousand regional employees, assumes the chief executive position. Phelan's background spans senior leadership roles at Repligen, Cytiva (GE Healthcare's former life sciences division), and Merck Millipore, positioning him to leverage Sheridan's operational resources and market expertise to expand CCG's service offerings and deepen relationships within its diversified blue-chip customer base.
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