Led · Equity · May 2022

Cynosure designs, manufactures and sells a broad portfolio of medical aesthetic treatment systems and consumables that enable non‑invasive and minimally invasive procedures across indications such as hair removal, vascular and pigmented lesions, tattoo removal, skin revitalization, fat reduction, cellulite, nail fungus, sweat gland ablation and women’s health. Its products use a range of energy sources including Alexandrite, diode, Nd:YAG, picosecond, pulse dye, Q‑switched lasers, intense pulsed light and RF technology. The company sells globally under the Cynosure, Palomar, ConBio and Ellman brands via a direct sales force in multiple countries and through distributors in roughly 130 other countries. Management says it will use new capital to continue investing ahead of strong growth, drive product innovation, and provide comprehensive treatment solutions to customers. Cynosure reported sales growth of over 45% in 2021 and over 30% year‑over‑year in Q1 2022, which the company and its investor cite as evidence of strong demand and momentum.

Led · Equity · May 2019

MOD Pizza offers individual artisan-style pizzas and hand-tossed salads made on demand with any combination of over 30 toppings for a single price. The company emphasizes a people-first, purpose-driven culture and progressive hiring practices, including hiring individuals who face barriers to employment. MOD has grown rapidly — there are 433 locations system-wide across 28 states and the U.K., and it added 102 locations in 2018. Financially, MOD reported $398 million in system-wide sales and $312 million in company net revenue in 2018, with domestic system-wide same-store sales up 3.1% and 100% growth in digital orders year over year. MOD also invests in social impact and community efforts, contributing $1.8 million to causes in 2018 and planning to create additional meals for food banks. Going forward, the company plans to scale to roughly 1,000 locations over the next five years and to invest in off-premise, digital capabilities, loyalty (MOD Rewards), and personalized marketing. Mod Pizza makes individual artisan-style pizzas on demand, allowing customers to create their own pizzas and salads using fresh-pressed dough, sauces and over 30 toppings. Founded in 2008 by Scott Svenson and Ally Svensonand and based in Seattle, WA, the company operates more than 300 locations system-wide across 27 states and the United Kingdom. In October 2018 the company raised $73m, including $33m in equity and a $40m credit facility. Equity investors included PWP Growth Equity and Fidelity Management & Research Company, while Keybanc Capital Markets, SunTrust Robinson Humphrey and Raymond James provided the debt financing. The equity round brought total equity capital raised to date to more than $185m. Mod intends to use the funds to continue to grow in 2018 and bolster its presence in existing U.S. and U.K. markets. MOD Pizza, founded in Seattle in 2008, is a pioneer in the fast-casual pizza segment offering individual artisan-style pizzas and salads made on demand with any combination of over 30 toppings for one set price. The company emphasizes a purpose-led culture and social impact, positioning itself as both a place to eat and a place to work. MOD currently operates 177 locations across 19 U.S. states and the U.K. and was named the fastest-growing restaurant chain by Technomic in 2015. Financially, MOD has raised just under $150 million to date and announced an additional $42 million equity round this year. The new capital will support continued U.S. expansion within existing markets and entry into new U.S. markets (Florida, Alabama, Georgia, Utah) as well as further growth in the U.K. MOD Pizza, founded in 2008 by Scott and Ally Svenson, operates a fast-casual concept focused on individual artisan-style pizzas made on demand with fresh-pressed dough, signature sauces, and customizable toppings. Customers can build their own pizzas and salads from more than 30 featured toppings or choose from a menu of classics. The company operates 110 stores across 16 states. MOD intends to use new funding to support aggressive growth plans, including doubling its store base in 2016 and expanding within existing markets. It is also planning entry into new U.S. markets and its first international market in the United Kingdom. Financially, the company has raised approximately $106m to date. MOD Pizza operates a fast-casual concept where customers create their own pizzas and salads from any combination of 30 featured toppings or choose from menu classics; pizzas are hand-cooked in an 800-degree oven in under three minutes and salads are hand-tossed. Led by co-founder and CEO Scott Svenson, the chain also offers local draft beers, wine, handspun milkshakes and house-made lemonades and iced teas. The company currently operates 32 stores across Washington, Oregon, California, Arizona, Colorado and Texas and plans to double its store base by the end of June. MOD expects to open its 100th store before the end of 2015, including first locations in Illinois, Missouri, Michigan, Pennsylvania, Maryland, Washington DC, North Carolina and South Carolina. The business has been raising institutional capital to support rapid expansion and operational investment. The recent financing activity increased the company’s total equity raised to more than $70M.

Led · Equity · Oct 2018

SmileDirectClub ships invisible clear aligners directly to customers and uses teledentistry to have licensed dentists or orthodontists remotely monitor progress. Patients either take impressions at home or are scanned in one of the company’s SmileShops before treatment. The company says its treatments cost about 60% less than other teeth-straightening options, with average treatment lasting six months (range four to 14 months). Since its 2014 founding, SmileDirectClub says it has helped more than 300,000 people straighten their teeth. The company raised $380 million at a $3.2 billion valuation in its most recent financing. Co‑founder Alex Fenkell said the company plans to continue growth into new spaces and reach more people with its service. SmileDirectClub has faced regulatory pushback from the American Association of Orthodontists, which has filed complaints in 36 states alleging the remote model violates dental-practice statutes and regulations.

Led · Equity · Jul 2017

Vets First Choice offers a technology-enabled platform that tracks medication and service compliance, drives client engagement, and enables veterinarians to dispense medications via an e-commerce channel. The platform has demonstrated the ability to triple pet owners’ use of prescribed or recommended products and services, helping practices grow revenues, improve profitability, and raise client satisfaction. The company provides technology solutions and support services to more than 20,000 veterinary practice partners and has more than doubled in size in the past year. Vets First Choice partners with veterinarians to identify gaps in patient care and to deliver pro‑active prescription management and population-health services. The company plans to launch new innovative services and begin a global expansion into Europe and Asia following its recent strategic investment. Founded in 2010 and headquartered in Portland, Maine, Vets First Choice serves companion and equine veterinary practitioners. Vets First Choice provides cloud-based prescription management, pharmacy services, marketing solutions and practice analytics to equine and companion animal veterinary practitioners. It partners with veterinary practices to deliver turn-key outsourced pharmacy and prescription management services supported by a portfolio of pet owner communication and engagement tools. The company says its services improve practice profitability, increase prescription compliance, reduce inventory and boost client engagement. Vets First Choice is the largest and most highly accredited operator in the market, holding recognitions from national accreditation boards including Vet-VIPPS and PCAB. Following the investment by Clayton, Dubilier & Rice and existing shareholders, the company plans to scale its network of practice partners, support the launch of new services and pursue strategic business development opportunities. The company intends to leverage new technology and services powered by its platform alongside CD&R's healthcare expertise and the existing management team. Vets First Choice is a privately-held national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics, headquartered in Portland, Maine. The company operates as an online veterinary partner-pharmacy and marketing service, is an authorized distributor of more than 5,000 medications and diets, and holds pharmacy licensing in all 50 states along with Vet‑VIPPS accreditation. Vets First Choice reports registering more than a half-million pet owner subscribers via veterinary practices and partnering with more than 6,000 veterinary hospitals. Its suite of services is designed to improve medical compliance, reduce inventory costs, enhance customer service, and support the veterinarian‑client‑patient relationship for partner practices. Company leadership cites rapid subscriber growth—over 500,000 in three years—and says the business is well positioned for continued robust growth with new resources from investors. HLM Venture Partners and the company’s other investors are expected to support further innovation and consolidation in the veterinary pharmacy services market. Vets First Choice is a national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics, partnered with more than 6,000 veterinary hospitals. The company is licensed in all 50 states and its pharmacy complies with licensing and inspection requirements and Vet-VIPPS. Earlier this year Vets First Choice acquired VetCentric.com, creating the market-leading veterinary partner-pharmacy provider, and recently launched a next-generation online shopping platform to its customer base. Its services aim to improve medical compliance, reduce inventory costs, and enhance customer service to support the Veterinarian-Client-Patient Relationship. The new investment will support continued growth and expansion in the veterinary services and home delivery space, a market the article estimates to exceed $5 billion in the U.S. Polaris’s strategic counsel and network are expected to aid the company’s innovation and expansion plans, according to company and investor statements.