Medtech contract manufacturing giant Integer Holdings
(NYSE:ITGR)
announced that it has bought Quakertown, Pennsylvania–based Pulse Technologies.
The size of the deal was roughly $140 million. It closed on Jan. 5 and utilized borrowings under Integer’s existing revolving credit facility.
Pulse Technologies is a privately-held medtech supplier focusing on complex micromachining of medical device components for high-growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets. Its proprietary technologies include hierarchical surface restructuring (HSR), scratch-free surface finishes, and titanium nitride coatings.
“The acquisition of Pulse Technologies is directly aligned with Integer’s strategy to expand our capabilities and capacity in targeted growth markets,” Payman Khales, president of Cardio & Vascular at Integer, said in a Jan. 10 news release. “We were immediately impressed with Pulse Technologies’ long-standing customer relationships, technical talent, unique technologies, shared values, and capacity for growth. The company shares Integer’s commitment to quality, innovation and enhancing the lives of patients, and we are thrilled to welcome their 250 associates to the Integer team.”
Pulse Technologies CEO Joe Rosato said the company’s founders, Bob Walsh and Frank Henofer, started Pulse over 31 years ago with a focus on implantable medical components and assemblies serving high-growth market sectors. He said the company has successfully serviced the world’s largest medtech OEMS.
“The acquisition by Integer, with their global scale and best-in-class capabilities, will accelerate our growth opportunities, and will further enhance our value proposition to our most valued customers,” Rosato said.
Also on Jan. 10, Integer said it expects its preliminary unaudited Q4 2023 sales to be in the range of $411 million to $413 million, an increase of 10% to 11% compared to Q4 2022. Preliminary unaudited full-year 2023 sales are expected to be in the range of $1.595 billion to $1.597 billion, an increase of 16% compared to the full-year 2022.
ITGR shares are up more than 5% to $102.69 apiece this week on the news.
