LeMaitre Vascular, Inc. acquired substantially all assets of Artegraft, Inc. for $90 million.
June 21, 2020
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LeMaitre Vascular, Inc. (NasdaqGM:LMAT) acquired substantially all assets of Artegraft, Inc. for $90 million on June 22, 2020. LeMaitre Vascular paid $72.5 million in cash paid at closing ($65 million to Artegraft plus $7.5 in escrow to be released December 31, 2021) as well as potential earnout payments of $17.5 million payable based upon future sales of the acquired business. The contingent consideration consists of $5.83 million payable if 20,000 units of the Product are sold in the 12-month period commencing January 1, 2021, $5.83 million payable if 24,000 units of the Product are sold in the 12-month period commencing January 1, 2022 and $5.83 million payable if 28,800 units of the Product are sold in the 12-month period commencing January 1, 2023. The maximum earn put payment to be received will be $17.5 million. LeMaitre Vascular financed the acquisition and related expenses with available cash on hand and a $65 million senior secured credit facility. The credit facility comprises a $40 million five-year term loan and a $25 million revolver and was provided by KeyBank National Association and Truist Bank. Under the terms of the deal, LeMaitre will continue to operate Artegraft’s manufacturing facility in North Brunswick, NJ for at least three and a half years and will retain most of Artegraft’s employees, including seven sales & marketing personnel. SVB Leerink Holdings LLC acted as financial advisor to Artegraft, Inc. Michael J. Lerner, Michael Reinhardt, Annie Nazarian Davydov, Darren Goodman, Robert J. Paradiso, Mary E. Storella, Brian A. Silikovitz, Sophia Mokotoff, James C. Shehan and Norman W. Spindel of Lowenstein Sandler LLP acted as legal advisor to Artegraft, Inc. Cooley LLP acted as legal advisor to LeMaitre Vascular.
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) completed the acquisition of substantially all assets of Artegraft, Inc. on June 22, 2020. LeMaitre Vascular, Inc. agreed to retain most of Artegraft, Inc. employees.
LeMaitre Vascular, Inc. is a provider of devices, implants, and services for the treatment of peripheral vascular disease. The Company develops, manufactures, and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon. Its portfolio of product lines is primarily used to treat vascular disease, of which most are used in open vascular surgery and dialysis access. It also offers human vascular and cardiac tissue cryopreservation services. Its principal product lines include anastomotic clips, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy catheters, occlusion catheters, radiopaque marking tape, synthetic vascular and dialysis grafts, and valvulotomes. The Companyâs principal biologic offerings include vascular and cardiac patches as well as vascular and dialysis grafts. The Company sells its products and services primarily through a direct sales force.
LEMAITRE VASCULAR, INC. 
