Healthcare company Medline has completed the proposed acquisition of NAMIC fluid management portfolio from medical devices firm AngioDynamics for $167.5m.
The portfolio includes cardiac catheterisation solutions, and the transaction covers the NAMIC brand, contrast management and closed fluid systems, guidewires, disposable transducers and interventional accessories.
Proposed in April this year, the deal also comprises AngioDynamics manufacturing facility at Glens Falls, New York, US, that produces injection moulded components and kits.
AngioDynamics has used a portion of the approximate $160m net proceeds to pay off all of its outstanding debt.
The company plans to combine its approximately $80m post-transaction cash balance with an additional $125m revolving line of credit for organic and inorganic investments to support growth and future profitability.
AngioDynamics president and CEO Jim Clemmer said: “We are very pleased to have completed the divestiture of the NAMIC fluid management business, which is a critical step in our ongoing portfolio optimisation efforts.
“The proceeds from this transaction enable us to further accelerate our strategic investments in key therapeutic areas and to advance our propriety medical technologies, including AngioVac, BioFlo, and the NanoKnife System, to address the unmet needs of patients around the globe.”
Medline noted that the transaction combines its customer base, distribution scale and medical kitting experience with the brand presence of NAMIC.
Following completion of the transaction, the NAMIC business will run as a new unit of Medline with a focus on Cath Lab products and solutions.
The acquisition will see the transition of around 330 AngioDynamics employees to Medline. In addition, 14 sales reps across the US, Canada and Europe will become part of the Medline sales team.