Sheridan Capital Partners | 2025 Year in Review
2025 proved to be a strong year for Sheridan Capital Partners despite market volatility. We remained focused on disciplined growth and value creation across the portfolio, closing on multiple platform and add-on investments, and realizing two successful exits. In addition, we expanded our team and capabilities ensuring we remain well-positioned to execute on opportunities while growing our portfolio companies. We appreciate the ongoing support of our investors, management teams, and partners, and we look forward to building upon our success in 2026.
Firm & Fund Activity
- Closed 3 platform acquisitions
- Completed 9 add-ons and 1 dividend recap across the portfolio
- Realized 3 investments
- Welcomed 4 senior-level team members to SCP
Realizations
In addition to giving us the pleasure of returning capital to our investors, we believe realizations support our view of the healthcare market and validate our thesis-driven approach. Here is how two of our investment theses proved out in 2025:
- DAS Health: We invested in DAS Health, a provider of managed IT services to healthcare providers, in 2021, capitalizing on the strong and non-discretionary demand for services across managed IT, EHR support, application hosting, RCM and cybersecurity that we had been tracking for some time. During our investment, we helped the company grow by over 400% by broadening its solutions and expanding its geographic reach and addressable market, thereby delivering more services to a greater number of clients All of this made it an attractive asset ultimately purchased by Coalesce Capital. Sheridan will remain a minority investor.
- Tarrytown: Tarrytown, a closed-door, long-term care pharmacy focused exclusively on serving the intellectual and developmental disability and behavioral health communities, was acquired by Carlyle (NASDAQ: CG). Sheridan will retain a minority ownership position. Sheridan’s investment in Tarrytown in 2019 was driven by the thesis that there is a demand in the long-term care pharmacy market for highly specialized services for specific patient populations. During our hold, we established a robust sales team and marketing playbook, strengthened Tarrytown’s operations, and completed several add-on acquisitions, which resulted in nearly quadrupling the size of the business.
New Platforms
We are thrilled to announce that we completed three new platform acquisitions during 2025. These are our first closings in both software and contract manufacturing and reflect many years of thesis development work.
- National Care Systems | Sector: Provider Software & Technology. As the cost of delivering care increases, more people are being treated outside of hospitals in the post-acute care setting, and those facilities need new tools to manage costs. National Care Systems (NCS) provides comprehensive financial, billing, and payroll software solutions designed specifically for post-acute care facilities. The platform enhances billing precision, streamlines reimbursement processes, and reduces accounts receivable days—enabling providers to optimize cash flow, uphold regulatory compliance, and strengthen financial performance across the continuum of care. For more information, visit www.nationalcaresystems.com.
- Currier Plastics | Sector: Contract Manufacturing. Our investment in Currier Plastics reflects Sheridan’s continued evolution as a healthcare investor with expertise in multiple sectors across the healthcare landscape. Founded in 1982 and based in Auburn, New York, Currier Plastics is a contract manufacturer primarily serving life sciences customers with custom, precision plastic components in Class 7 and Class 8 cleanrooms, as well as value-added services such as design engineering, material selection, and cleanroom assembly. This investment is the result of a multi-year thesis in medical contract manufacturing, and we believe there is ample opportunity for Currier to grow nationally and internationally. Within three months of closing, Currier completed the strategic acquisitions of Springboard Manufacturing and MOS Plastics, meaningfully accelerating our value creation plan. For more information, visit www.currierplastics.com.
- ICANotes | Sector: Provider Software & Technology. ICANotes is a purpose-built electronic medical record (EMR) platform designed exclusively for behavioral health providers—our first investment in the EMR space. Like NCS, ICANotes is a mission critical technology solution focused on a specific segment of the provider market. Serving psychiatrists, therapists, addiction treatment providers, and behavioral health organizations nationwide, ICANotes combines configurable point-and-click templates with practice management, billing, and revenue cycle tools to support efficient, scalable care delivery. The business was founded in 1999 in Annapolis, Maryland, by brothers Ira and Don Morganstern and is led by the second generation of the Morganstern family today. For more information, visit https://www.icanotes.com/
Team Hires & Promotions
Sheridan Capital Partners continues to invest in talent, adding four new senior hires across the firm in 2025 to support the Investment Team, Operations Group, and Business Development Team. Among these hires is David Baker, Head of the Operations Group, who collaborates with portfolio company executive teams to drive value. In addition to leading the Operations Group, he is responsible for building out our Centers of Excellence capabilities. Prior to joining Sheridan, David spent nearly a decade in the Operations Support Group at Pritzker Private Capital, a middle‑market private equity firm. Rachel Lowen and Malvika Ragavendran also joined the Operations Group as Vice Presidents on our Transformation Team.
Malia LaFleur joined the Business Development Team as Vice President, Originations, where she will lead our direct‑to‑founder outreach program.
We are also pleased to announce several promotions, including the promotions of Michael Bernard to Partner and Alexandra Kier to Partner, Head of Business Development. Michael leads investments across the healthcare end market, with a particular emphasis on outsourced med‑tech and pharma services. Alex joined Sheridan in 2018 and leads our business development efforts. We also promoted investment team member Brian McGregor, who joined Sheridan post‑MBA in 2022, to Principal. Within the Operations Group, Amanda Lyle and Joe Miu were both promoted to Managing Director and lead Finance and Human Capital, respectively. Also within the Operations Group, Max Caballero was promoted to Vice President of Finance, Value Creation Team.
We’re working hard to ensure that Sheridan is a great place for professionals to build their careers. We’re extremely proud of our talent and look forward to their continued contributions and leadership in the years ahead.
Partner with Us
All of our portfolio companies are actively seeking add-on investments. If you are an intermediary, operating executive, or business owner interested in partnering with Sheridan, please reach out to Alexandra Kier.
About Sheridan Capital Partners
Sheridan Capital Partners is a private equity firm focused exclusively on partnering with businesses across the healthcare landscape, including outsourced services, products and manufacturing, providers, and software and technology. Sheridan’s engaged operational approach brings strategic resources and deep industry expertise with the purpose of accelerating growth, building enduring value, and generating strong results. For more information, visit www.sheridancp.com.