LeMaitre Vascular recently announced that it has acquired the business and assets of Artegraft for US$90 million.
Under the terms of the deal, LeMaitre will continue to operate Artegraft’s manufacturing facility in North Brunswick, USA for at least three and a half years and will retain most of Artegraft’s employees, including seven sales and marketing personnel.
Artegraft processes and sells biologic vascular grafts that are derived from bovine carotid arteries and are implanted primarily in haemodialysis access patients. The products are marketed under the brand Artegraft and are sold only in the USA. Artegraft generated trade sales of US$15.6 million and estimated hospital-level sales of US$18.6 million during the twelve-month period ended 31 May 2020. Artegraft’s unit sales grew 10% in 2019.
Dave Roberts, LeMaitre Vascular’s president, commented, “We are pleased to add Artegraft to our product offering, augmenting the suite of biologic and dialysis access products used by our core customer, the vascular surgeon. With this acquisition, we expect Artegraft to be the largest product line in our US sales bag and the cornerstone of our offering of devices used to treat patients with end-stage renal disease.”
Rick Gibson, CEO of Artegraft, commented, “With their focus on haemodialysis access procedures, biologic implants, and the vascular surgeon, LeMaitre Vascular is ideally positioned to build on Artegraft’s success. We look forward to working with the LeMaitre team to ensure a smooth transition of the business.”
LeMaitre Vascular financed the acquisition and related expenses with available cash on hand and a US$65 million senior secured credit facility. The credit facility comprises a US$40 million five-year term loan and a US$25 million revolver and was provided by KeyBank National Association and Truist Bank.