RoundTable Healthcare Partners and Argon Medical Devices Complete Acquisition of US Biopsy
Acquisition enhances Argon’s comprehensive biopsy portfolio
LAKE FOREST, IL, September 9, 2014 – RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Argon Medical Devices, Inc. (“Argon”), a leading manufacturer of specialty medical devices, has completed the acquisition of Promex Technologies, LLC (d/b/a “US Biopsy”), the manufacturer of the TLAB® transjugular liver biopsy device (“TLAB”) and other soft tissue biopsy devices and needles. The financial terms of the transaction were not disclosed.
“The acquisition of US Biopsy is a great example of Argon’s ability to utilize its free cash flow to acquire a highly complementary technology poised for growth” said Joe Damico, a Founding Partner and Co-Chairman of RoundTable and Chairman of the Board of Argon. “US Biopsy’s TLAB device strengthens Argon’s suite of soft-tissue biopsy instruments and continues Argon’s focus on offering differentiated physician preference products.”
George Leondis, President of Argon added, “US Biopsy has been active in the transjugular liver biopsy market since the procedure was first pioneered in the 1990s. Their unique experience was integral in designing TLAB with differentiated features that improve upon existing technologies. This acquisition allows Argon to leverage our current soft tissue biopsy portfolio and demonstrate once again our commitment to growth in the interventional space.”
TLAB is designed with patented Flexcore® technology that allows the needle to flex to acute angles and still function consistently. This unmatched flexibility is essential in transjugular liver biopsy where the needle must bend to enter the hepatic vein coming from the liver, and collect a specimen via the vessel wall. Patients who require a liver biopsy using this approach have, or are suspected to have, liver disease, which often causes the liver to harden over time making it more difficult to access. TLAB’s Flexcore® technology and sharp Tru-Track™ trocar needle tip allow the needle to enter tough liver tissue without diving or deviating from the track.
With this acquisition, Argon also secures US Biopsy’s disposable and reusable soft-tissue biopsy instruments, breast localization needles, and fine-needle aspiration needles.
Argon was represented by its legal counsel, Sidley Austin LLP, in the transaction.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
About Argon Medical Devices
Founded in 1972, Argon is a global manufacturer of specialty medical products headquartered in Plano, Texas. Argon offers a broad line of medical devices for Interventional Radiology, Vascular Surgery, Interventional Cardiology, and Critical Care procedures. Current products include the Option™ Retrievable Inferior Vena Cava Filter, Cleaner Rotational Thrombectomy System, and UltraStream™ Chronic Dialysis Catheter. Argon also offers a complete line of PICC and midline catheters, endomyocardial biopsy forceps, introducer sheaths, pressure transducers, and other vascular products. The Company’s products are sold globally through a combination of direct sales representatives and premier specialty distributors. For more information on Argon, please visitwww.argonmedical.com.