Behind the Deal: A Look into Sheridan Capital Partners’ Acquisition of Carolina Components Group
By Kate Humphrey
Sheridan Capital Partners, a Chicago, Illinois-based healthcare private equity firm, reported that it acquired Carolina Components Group (CCG).
CCG supplies ultra-pure components, custom-engineered single-use assemblies and process solutions that support highly regulated biopharmaceutical production environments for more than 250 biopharmaceutical and contract manufacturing customers. The company is based in Durham, North Carolina and was founded in 2020.
According to data captured in the LevinPro HC database, this transaction is Sheridan’s fourth acquisition of 2026; previously, it purchased ICANotes and Tres Health, and in September it acquired PtEverywhere.
The LevinPro HC team sat down with the Sheridan team to provide a behind-the-scenes perspective on the CCG transaction, as well as Sheridan’s overall view of the market’s health.
When discussing what made CCG stand out, the Sheridan team highlighted CCG’s business model and market position.
“Many players in this space are component manufacturers first and tend to design an assembly around the parts they happen to make. CCG is supplier-agnostic, and tailors solutions to its customers’ process, utilizing components best suited to that specific application,” the team said.
For its market position, Sheridan noted that CCG has scale and expertise that regional players lack. This includes “more than 100,000 square feet of ISO Class 7 and Class 8 cleanroom and manufacturing space, more than 250 pharmaceutical and [contract development and manufacturing organization] customers and a deep technical bench.” To Sheridan, this combination is unique and difficult to achieve, further setting CCG apart from other organizations.
As a private equity group, Sheridan knows there is strong interest in the biopharma space from other private equity firms, reflecting the market’s strength.
“That being said, within private equity, we believe there is a shorter list of sponsors who have built genuine depth in the market and who pair that with the experience, vision, and resources to drive value,” said Sheridan. “On top of that, the fact that CCG was a founder-owned business at a growth inflection point and looking for a partner that could bring real operational resources to the table made CCG a good fit for Sheridan.”
In addition to highlighting CCG’s attractiveness to Sheridan’s portfolio, the team also discussed the broader biopharmaceutical market and future M&A. Sheridan pointed out several factors driving investors into the space and supporting the market, including demand for and development of pharmaceutical therapies.
However, the team emphasized the increasing importance of biologics (complex medical treatments made from living organisms). Not only are drug pipelines shifting towards biologics because they are more targeted in their mechanisms, but the “manufacturing processes are adopting single-use technologies, which offer several benefits over traditional, reusable stainless steel” which has made the space even more attractive to investors.
Additionally, the Sheridan team said that there’s been “push from the government and drug sponsors to build biologics manufacturing capacity in the United States.” Sheridan highlighted the December 2025 enactment of the BIOSECURE Act, which prohibits federally funded U.S. biotechnology and biotechnology services companies from using services from a company that is associated with a foreign advisory. This act has led to more manufacturing being pulled to American soil.
Furthermore, tariff exposure has driven global manufacturers, including those traditionally based in Asia, to enhance their US capabilities. This benefits companies like CCG and Sheridan.
“A new biologics plant on U.S. soil is a new U.S. manufacturing site — it hires here, it qualifies as a U.S. supplier, and it needs components, assemblies, and maintenance support. For a business like CCG, we view that as incremental demand rather than competition,” Sheridan said. The team was quick to emphasize that this did not play a major role in the CCG transaction, even though it does benefit the market.
While the team is optimistic that M&A will pick up in the coming weeks and the market is robust, Sheridan also pointed out possible headwinds.
“Biotech funding conditions, the pace at which announced capacity actually comes online, trade and tariff policy and customer concentration among large sponsors and CDMOs, all remain real variables,” the Sheridan team said, highlighting conditions that may temper M&A deal volume and increase investor wariness.
The team also pointed out several market factors that have changed over the last 12-18 months, including that shortly after the pandemic, an influx of companies and assets came to market. This has now, for the most part, run its course and could temper deal volume, as investors have already sold the assets they intended to sell.
Additionally, Sheridan echoed a sentiment that other industry experts have also said: the deal process is facing heightened scrutiny and deliberation as sellers (and investors) increase “who they include and advance in a sale process.”
“We do that at Sheridan by going deep on our sub-sector theses over many years so we can understand the markets these companies operate in, know what we like and don’t like, and can clearly communicate our vision for where we think the market is going, how a particular company fits into it, and why Sheridan is the right partner to drive value,” the team said.