- Integer Holdings Corporation (NYSE:ITGR) acquired Connemara Biomedical Holdings Teoranta and its subsidiaries Aran Biomedical and Proxy Biomedical.
- Aran offers medical textiles, high precision biomaterial coverings and coatings, and advanced metal and polymer braiding. Aran delivers development and manufacturing solutions for implantable medical devices.
- Located in Ireland, the acquisition further expands Integer's presence and proximity to customers in the region.
- "The acquisition of Aran Biomedical is entirely aligned with our strategy to expand our presence in high growth markets," said Joe Dziedzic, Integer President, and CEO.
- Integer acquired Aran Biomedical for €120 million, with up to an additional €10 million of contingent consideration payable based on Aran's achievement of 2022 revenue growth milestones.
- Aran Biomedical generated sales of $17 million in 2021, nearly doubling sales from the prior year.
- The transaction is immediately accretive to Integer's sales growth and profit margins.
- The transaction was financed with borrowings under Integer's existing revolving credit facility.
- Integer closed FY21 with cash and cash equivalents of $17.9 million and total debt of approximately $828 million.
- Price Action: ITGR shares are up 3.41% at $80.15 during the market session on the last check Thursday.
