AngioDynamics said it is selling its Namic fluid management portfolio to Medline Industries for about $167.5 million. Additionally, AngioDynamics’ primary Glens Falls, New York manufacturing facility, including all related manufacturing jobs and the sales & marketing teams that support the NAMIC business, will be acquired by Medline as part of the transaction.
Upon completion of the transaction, Latham, NY -based AngioDynamics said it intends to use the net cash proceeds of about $160 million to pay down all outstanding debt. The cash balance of nearly $74 million will be used to support strategic investments in the company’s existing portfolio to drive enhanced growth and future profitability.
“The Namic Fluid Management business is a natural fit with our world-class portfolio of medical devices and supplies. Medline’s scale and extensive kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers,” Charlie Mills, Medline CEO said in a release. “We have been very impressed with the quality of the products and the team behind them, and Medline intends to maintain manufacturing in Glens Falls. We look forward to joining the local business community and growing the business in the coming years.”
In September of last year, AngioDynamics made headlines when it announced it would acquire RadiaDyne for an undisclosed sum. The move came on the heels of the AngioDynamics’ CEO Jim Clemmer telling investors during an earnings call that the company was ready for M&A.