~ Acquisition brings highly differentiated, proprietary biomaterial technologies for implantable cardiovascular devices to enable our customers’ innovation ~
Integer Holdings Corporation (NYSE: ITGR) announced the acquisition of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran” or “Aran Biomedical”). A recognized leader in proprietary medical textiles, high precision biomaterial coverings and coatings as well as advanced metal and polymer braiding, Aran delivers development and manufacturing solutions for implantable medical devices. Consistent with our strategy, the combination with Aran further increases Integer’s ability to offer complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets such as structural heart, neurovascular, peripheral vascular, and endovascular as well as general surgery.
Located in the medical device hub of Galway, Ireland, this acquisition further expands Integer’s presence and proximity to customers in the region. Aran brings a reputation of delivering exceptional innovation, expertise and service to leading and emerging customers in the medical device industry.
“The acquisition of Aran Biomedical is entirely aligned with our strategy to expand our presence in high growth markets,” said Joe Dziedzic, Integer President and CEO. “Aran brings subject matter expertise and highly differentiated implant technology solutions to our portfolio. Coupling these technology solutions and expertise with Integer’s leadership in delivery systems and manufacturing scale will bring an unparalleled ability to meet our customers’ needs and be their partner of choice for developing the next generation of lifesaving and life-enhancing medical devices. Their innovation, capabilities and values are a perfect complement to Integer’s, and we are thrilled to welcome Aran’s 130 associates to the Integer team.”
Peter Mulrooney, Aran Biomedical CEO, added, “We are very excited and proud to be joining Integer, one of the largest medical device outsource manufacturers in the world. Combining Aran Biomedical’s proprietary biomaterial implant technologies with Integer’s world class delivery systems will lead to a more highly differentiated service offering to the medical device industry.”
Transaction Financial Highlights
- Integer acquired Aran Biomedical for €120 million, with up to an additional €10 million of contingent consideration payable based on Aran’s achievement of 2022 revenue growth milestones.
- Aran Biomedical generated sales of $17 million in 2021, nearly doubling sales from the prior year. The transaction is immediately accretive to Integer’s sales growth and profit margins.
- The transaction was financed with borrowings under Integer’s existing revolving credit facility.
- Forward-looking financial information with respect to the transaction will be provided as part of Integer’s first quarter 2022 earnings release and conference call to be held on April 28, 2022.