LaMaitre Vascular (NASDAQ:LMAT) has acquired North Brunswick, NJ-based Artegraft, a processor and seller of vascular grafts derived from bovine carotid arteries, for $90.0M, including $72.5M at closing ($65.0M to Artegraft and $7.5M in escrow to be released on December 31) and $17.5M in potential earnouts.
Artegraft's vascular grafts are primarily used for hemodialysis access (called an arteriovenous fistula, made by joining a artery and vein in the arm).
For the 12-month period ended May 31, Artegraft generated $15.6M in trade sales and $18.6M in hospital sales, all in the U.S.
LMAT funded the transaction with cash on hand and a $65.0M senior secured credit facility.
