The acquisition is expected to enable Integer to boost solutions for complex delivery and therapeutic devices in high growth cardiovascular markets
Medical device outsource (MDO) manufacturer Integer has acquired Aran Biomedical in a deal worth $141.6m (€130m).
The acquisition consists of Connemara Biomedical Holdings Teoranta along with its operating subsidiaries Aran Biomedical and Proxy Biomedical, which are collectively called Aran Biomedical.
The transaction amount includes a contingent payment of up to $10.89m (€10m), if Aran reaches its 2022 revenue growth milestones.
Integer has funded the acquisition with borrowings under the company’s existing revolving credit facility.
Aran Biomedical is engaged in providing development, and manufacturing solutions for implantable medical devices. The company’s offering include medical textiles, biomaterial coverings and coatings, along with advanced metal and polymer braiding.
The acquisition is expected to enable Integer to expand its capabilities in offering complete solutions for complex delivery and therapeutic devices in high growth cardiovascular markets, which include structural heart, neurovascular, peripheral vascular, endovascular and general surgery.
Integer president and CEO Joe Dziedzic said: “The acquisition of Aran Biomedical is entirely aligned with our strategy to expand our presence in high growth markets.
“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.”
Aran nearly doubled its sales to $17m last year, compared to the sale recorded in the prior year.
Following the acquisition, Aran’s 130 associates joined the Integer team.
The acquisition is anticipated to strengthen Integer’s presence and proximity to customers in Ireland.
Aran Biomedical CEO Peter Mulrooney said: “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.”