Business Wire06.04.19
AngioDynamics Inc., a provider of minimally invasive medical devices for oncology, vascular access, and peripheral vascular disease, has agreed to sell its NAMIC fluid management portfolio to Medline Industries Inc. for $167.5 million, subject to customary closing conditions including antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The transaction consists of AngioDynamics’ NAMIC brand and its offering of manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers, and interventional accessories. Additionally, AngioDynamics’ primary Glens Falls, N.Y., manufacturing facility, including all related manufacturing jobs and the sales and marketing teams that support the NAMIC business, will be acquired by Medline as part of the transaction.
Upon completion of the transaction, AngioDynamics intends to use the net cash proceeds of approximately $160 million to pay down all outstanding debt. The cash balance of approximately $74 million will be used to support strategic investments in the company’s existing portfolio to drive enhanced growth and future profitability.
“Today marks another important chapter in the transformation of AngioDynamics. Over the past three years, we have streamlined our manufacturing operations and made significant improvements to our research and development process, enabling us to develop high-quality medical devices for our customers,” said Jim Clemmer, president and CEO of AngioDynamics. “These actions, combined with our ongoing portfolio optimization efforts, including the announced transaction with Medline, provide us with the foundation to drive sustainable and increased top-line growth and deliver high-quality new therapies that address unmet patient needs. We are excited that this strategic transaction will enable us to accelerate highly-focused investments in our key therapeutic areas including Oncology and Thrombus Management.”
Mr. Clemmer added, “Through this acquisition, Medline gains a deeply experienced and dedicated workforce with a strong commitment to delivering high-quality, dependable devices that clinicians trust to provide the best patient care. We are pleased that Medline, a manufacturer and distributor, is acquiring the NAMIC portfolio, and we welcome the Medline team to the vibrant business community of ‘Catheter Valley.’”
“The NAMIC Fluid Management business is a natural fit with our portfolio of medical devices and supplies. Medline’s scale and kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers,” said Charlie Mills, CEO of Medline. “We have been very impressed with the quality of the products and the team behind them, and Medline intends to maintain manufacturing in Glens Falls. We look forward to joining the local business community and growing the business in the coming years.”
Barclays is serving as financial advisor, and Cadwalader, Wickersham & Taft is serving as legal advisor to AngioDynamics.
AngioDynamics Inc. provides minimally invasive medical devices used by professional healthcare providers for vascular access, peripheral vascular disease, and oncology. AngioDynamics’ diverse product lines include ablation systems, fluid management systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products.
Medline is a healthcare company: a manufacturer, distributor and solutions provider focused on improving the overall operating performance of healthcare. Medline works with both the country’s largest healthcare systems and independent facilities across the continuum of care to provide the clinical and supply chain resources required for long-term financial viability in delivering high-quality care. With the size of one of the country’s largest companies and the agility of a family-owned business, Medline is able to invest in its customers for the long-term and rapidly respond with customized solutions. Headquartered in Northfield, Ill., Medline has 20,000-plus employees worldwide and does business in more than 90 countries.
The transaction consists of AngioDynamics’ NAMIC brand and its offering of manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers, and interventional accessories. Additionally, AngioDynamics’ primary Glens Falls, N.Y., manufacturing facility, including all related manufacturing jobs and the sales and marketing teams that support the NAMIC business, will be acquired by Medline as part of the transaction.
Upon completion of the transaction, AngioDynamics intends to use the net cash proceeds of approximately $160 million to pay down all outstanding debt. The cash balance of approximately $74 million will be used to support strategic investments in the company’s existing portfolio to drive enhanced growth and future profitability.
“Today marks another important chapter in the transformation of AngioDynamics. Over the past three years, we have streamlined our manufacturing operations and made significant improvements to our research and development process, enabling us to develop high-quality medical devices for our customers,” said Jim Clemmer, president and CEO of AngioDynamics. “These actions, combined with our ongoing portfolio optimization efforts, including the announced transaction with Medline, provide us with the foundation to drive sustainable and increased top-line growth and deliver high-quality new therapies that address unmet patient needs. We are excited that this strategic transaction will enable us to accelerate highly-focused investments in our key therapeutic areas including Oncology and Thrombus Management.”
Mr. Clemmer added, “Through this acquisition, Medline gains a deeply experienced and dedicated workforce with a strong commitment to delivering high-quality, dependable devices that clinicians trust to provide the best patient care. We are pleased that Medline, a manufacturer and distributor, is acquiring the NAMIC portfolio, and we welcome the Medline team to the vibrant business community of ‘Catheter Valley.’”
“The NAMIC Fluid Management business is a natural fit with our portfolio of medical devices and supplies. Medline’s scale and kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers,” said Charlie Mills, CEO of Medline. “We have been very impressed with the quality of the products and the team behind them, and Medline intends to maintain manufacturing in Glens Falls. We look forward to joining the local business community and growing the business in the coming years.”
Barclays is serving as financial advisor, and Cadwalader, Wickersham & Taft is serving as legal advisor to AngioDynamics.
AngioDynamics Inc. provides minimally invasive medical devices used by professional healthcare providers for vascular access, peripheral vascular disease, and oncology. AngioDynamics’ diverse product lines include ablation systems, fluid management systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products.
Medline is a healthcare company: a manufacturer, distributor and solutions provider focused on improving the overall operating performance of healthcare. Medline works with both the country’s largest healthcare systems and independent facilities across the continuum of care to provide the clinical and supply chain resources required for long-term financial viability in delivering high-quality care. With the size of one of the country’s largest companies and the agility of a family-owned business, Medline is able to invest in its customers for the long-term and rapidly respond with customized solutions. Headquartered in Northfield, Ill., Medline has 20,000-plus employees worldwide and does business in more than 90 countries.