ArchiMed, a French private equity fund focused on the healthcare industry, has acquired a majority stake in medical device testing company NAMSA.

The financial terms of the transaction were not undisclosed.

NAMSA president and CEO John Gorski, the Gorski Family and senior managers will maintain ‘a significant double-digit percentage’ stake in the company.

Established in 1967, NAMSA is a full continuum contract research organisation (CRO), which specialises in testing medical device materials for safety.

In addition to medical device testing, the company provides regulatory, reimbursement and quality consulting services, and clinical research support to assist clients in the development of medical devices.

The services are aimed to reduce development costs and expedite regulatory approval and commercialisation globally for medical device and in vitro diagnostics (IVD) technology sponsors.

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Gorski said: “Investment from a strategic partner is essential for NAMSA’s next era of growth.

“ArchiMed’s impressive global network of relationships in the medical device arena will broaden our client base, while the capital access, industry experience and deal acumen we gain will accelerate our international growth, both organically and via acquisition.”

The acquisition forms part of ArchiMed’s recently closed €1bn MED Platform I buy-and-build fund. MED Platform I offers strategic, tactical and financial resources to companies with the aim of helping them to expand into new regions and consolidate sectors, bolstering their product lines.

ArchiMed chairman Denis Ribon said: “There is a fantastic cultural fit between ArchiMed and NAMSA and we share the same vision for the future.

“NAMSA is the global leader in a fragmented, fast-growing field, bursting with technological innovation. The latter is particularly evident in the area of wearable devices that are increasingly being adapted to diagnose, monitor and manage life-threatening medical conditions.”

In a separate development, artificial intelligence (AI) cardiology diagnostics company Cardiologs signed an exclusive distribution agreement in France with MicroPort CRM for reselling of its cloud analysis solution for Holter ECGs.

The agreement marks the official launch of Cardiologs’ European business operations at a large scale.

The medical-grade AI automatically developed by the company detects cardiac rhythm disorders with a high level of accuracy and reduces the time required for diagnosis and analysis by half.

Cardiologs co-founder and CEO Yann Fleureau said: “We are extremely enthusiastic to partner with MicroPort CRM for the distribution of our unique technology in France.

“Its leading position in the Holter market combined with the expertise of its business teams makes MicroPort CRM an ideal business partner to widely distribute Cardiologs’ solution to all the French cardiologists in hospitals, as well as in outpatient medical offices.”