Argon Medical Devices, which is backed by RoundTable Healthcare Partners, has agreed to buy the Interventional Products Business of Angiotech Pharmaceuticals. Financial terms weren’t announced. The deal is expected to close by April 2013. Interventional Products Business makes and markets disposable and re-usable biopsy products for the diagnosis of cancer, drainage catheter products, and vascular interventional products. Roundtable sold the Interventional Products Business to Angiotech in 2006.
RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Argon Medical Devices, Inc. (“Argon” or the “Company”), entered into a definitive agreement to acquire the Interventional Products Business of Angiotech Pharmaceuticals, Inc. (“Angiotech”). The Interventional Products Business manufactures and markets disposable and re-usable biopsy products for the diagnosis of cancer, drainage catheter products, and vascular interventional products. The transaction is expected to be completed prior to the end of April 2013 subject to customary closing conditions.
The acquisition of the Interventional Products Business bolsters Argon’s existing portfolio of interventional vascular products, adds additional biopsy product lines, and further leverages the Company’s sales force within core call points. As part of the transaction, Argon will also acquire three dedicated manufacturing facilities in Wheeling, IL; Gainesville, FL; and Rochester, NY. Argon currently manufactures its products in facilities in Athens, TX and Singapore.
“The Interventional product franchise is well recognized by hospitals and physicians worldwide,” said Michael J. Hudson , CEO of Argon. “The acquisition of these products strengthens the Argon portfolio and cements our Company’s position as a key player in the Interventional Radiology, Cardiac Catheterization and Vascular Surgery markets.”
The Interventional Products Business was created by RoundTable in 2003 as part of its American Medical Instruments Holdings, Inc. (“AMIH”) investment. The AMIH business was run by Argon’s current management team including: Michael Hudson , Argon’s CEO; Richard Adloff , Argon’s CFO; and George Leondis , Argon’s President. AMIH combined the formerly independent Manan Medical, MD Tech, PBN Medical, and American Medical Instruments into a consolidated operating unit. Angiotech acquired the Interventional Products Business from RoundTable in 2006 as a part of its purchase of AMIH.
“We are extremely excited to own the business again,” added Joseph F. Damico , Founding Partner and Co-Chairman of RoundTable. “Our significant history with this excellent management team in the interventional segment, along with our in-house resources in sales and manufacturing will assist the Argon team in effectively integrating these two businesses to position the combined company for significant growth.”
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
About Argon Medical Devices
Founded in 1972, Argon is a global manufacturer of specialty medical products headquartered in Plano, Texas. Argon offers a broad line of medical devices for Interventional Radiology, Vascular Surgery, Interventional Cardiology, and Critical Care procedures. Current products include the Option™ Retrievable Inferior Vena Cava Filter, Cleaner Rotational Thrombectomy System, and UltraStream™ Chronic Dialysis Catheter. Argon also offers a complete line of PICC and midline catheters, endomyocardial biopsy forceps, introducer sheaths, pressure transducers, and other vascular products. The Company’s products are sold globally through a combination of direct sales representatives and premier specialty distributors. For more information on Argon, please visit www.argonmedical.com.