TransMedics (Nasdaq:TMDX) announced that it completed its previously announced acquisition of Summit Aviation.
Andover, Massachusetts-based TransMedics initially announced its plans to acquire the U.S. charter flight operator on Aug. 1. It did not disclose financial terms at the time. With the closing of the deal, Summit founder Ben Walton joins the company as VP of Aviation Services.
At the time of the initial announcement, TransMedics President and CEO Dr. Waleed Hassanein called Summit “one of the leading teams in the air charter industry.” Hassanein cited a “stellar reputation for exceptional service,” among other things that align with TransMedics’ aims.
In announcing the closing of the deal, the company says this enables the establishment of TransMedics Aviation. The company said it’s the first integrated national provider of air logistics dedicated exclusively to organ transplantation in the U.S.
“We are delighted to complete the acquisition of Summit Aviation, which represents a critical element of TransMedics’ strategy to build and manage a national transplant logistics network designed to expand the reach and coverage of the National OCS Program (NOP),” said Hassanein. “I want to take this opportunity to welcome the Summit team to the TransMedics team. I also want to welcome Ben Walton in his new role as our new VP of Aviation Services.”
TransMedics develops organ transplant technology. It offers FDA-approved lung and heart transplant technology, such as the OCS Heart that received pre-market approval in April 2022. In May, the company proposed a $300 million offering, citing a potential use of proceeds as expanding its logistics network. That could include acquisitions, the company noted.
