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Home » LeMaitre Vascular acquires Artegraft

LeMaitre Vascular acquires Artegraft

June 23, 2020 By Sean Whooley

LeMaitre VascularLeMaitre Vascular (NSDQ:LMAT) announced that it acquired the business and assets of Artegraft in a deal worth $90 million.

Under the terms of the acquisition, LeMaitre will pay $72.5 million in cash at closing, with $65 million for Artegraft, plus $7.5 million in escrow to be released on Dec. 31, 2021. There is an additional $17.5 million on the table in potential earnout payments based upon future sales.

LeMaitre will continue to operate Artegraft’s North Brunswick, N.J., manufacturing facility for at least 3.5 years and will retain most of Artegraft’s employees, including seven sales and marketing personnel.

Artegraft processes and sells biologic vascular grafts derived from bovine carotid arteries and implanted primarily in hemodialysis patients. Currently, the products are marketed under the Artegraft name and are only sold in the U.S.

According to a news release, Artegraft generated trade sales of $15.6 million and estimated hospital-level sales of $18.6 million over a 12-month period ending on May 31, 2020. The company recorded unit sales growth of 10% in 2019.

“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,” LeMaitre Vascular president Dave Roberts said in the release. “With this acquisition, we expect Artegraft to be the largest product line in our U.S. sales bag and the cornerstone of our offering of devices used to treat patients with end-stage renal disease.”

LeMaitre finance the purchase with available cash-on-hand and a $65 million senior secured credit facility, which comprises a $40 million five-year term loan and a $25 million revolver.

KeyBank National Association and Truist Bank provided credit facility. SVB Leerink acted as the exclusive financial advisor in the acquisition, while Lowenstein Sandler served as legal counsel to Artegraft and Cooley served as legal counsel to LeMaitre.

Filed Under: Business/Financial News, Endoscopic, Mergers & Acquisitions, Stent Grafts, Vascular Tagged With: Artegraft, LeMaitre Vascular Inc.

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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