Integer Adds Proprietary Biomaterial Technologies Via €120M Acquisition

Integer Holdings Corporation 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.