Argon Medical Devices, a portfolio company of private equity firm RoundTable Healthcare Partners, is to acquire the Interventional Products Business of Angiotech Pharmaceuticals.
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, Illinois; Gainesville, Florida; and Rochester, New York. Argon currently manufactures its products in facilities in Athens (Texas) and Singapore.
"The Interventional product franchise is well recognised by hospitals and physicians worldwide," says Michael J Hudson, chief executive 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 (AMIH) investment. The AMIH business was run by Argon’s current management team including Hudson, Richard Adloff, Argon’s chief financial officer, 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," says 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."
