Vascular specialist AngioDynamics, has announced it has entered into a definitive agreement to acquire privately-held Navilyst Medical in a transaction valued at $372 million. Navilyst Medical is a global medical device company with particular strengths in the vascular access, interventional radiology and interventional cardiology markets.
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. According to the company its diverse product lines include market-leading ablation systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products.
Navilyst Medical, headquartered in Marlborough, MA, was formed in February 2008 from Boston Scientific’s Fluid Management and Vascular Access business units. Its breakthrough products, including the PASV® Valve Technology, Xcela® PICC and NAMIC® Fluid Management devices, help hospitals create clinical and economic solutions for their patients. The Company distributes its products worldwide and has its lead U.S. manufacturing facility in Glens Falls, NY.
Avista Capital Partners acquired the business from Boston Scientific in 2008, and it generated sales of $149 million in 2011. The acquisition will significantly expand AngioDynamics’ scale, doubling its share of the Vascular Access market while building critical mass in the peripheral vascular market.
“The acquisition of Navilyst brings AngioDynamics scale, technology and operational excellence,” said Joseph DeVivo, President and CEO of AngioDynamics. “It strengthens AngioDynamics’ current business by enabling us to focus on our key channels — Vascular Access, Peripheral Vascular and Oncology/Surgery — and accelerates the ability of our global sales leaders to focus on key clinical call points. The combined company will offer a more compelling portfolio of products to our customers, allowing the sales force to be more productive and compete more effectively. At the same time, the acquisition creates an excellent platform for future revenue and earnings growth, as well as substantial cash flow generation leading to significantly increased value for our shareholders. Going forward, we will expand our geographic footprint and be in an even better position to accelerate our strong international sales growth from added scale and the power of the global NAMIC® brand. I look forward to working with the excellent management team at Navilyst as we embark on this exciting opportunity for our organizations.”
Source: Angiodynamics Inc., Press release here.