BALT International Acquires Blockade Medical LLC
Paris, France, September 2th, 2016 – BALT International announced today that it has acquired Blockade Medical LLC, a privately held company focused on the development of catheter based therapeutic devices for the treatment of cerebral aneurysms. The terms of the acquisition were not disclosed.
This transaction perfectly aligns with BALT’s strategy, as defined by Nicolas Plowiecki and Bridgepoint at the end of 2015; to position BALT as a global leader in the neurovascular sector, and to develop its presence in the U.S.
Blockade gives BALT an immediate footprint in the U.S. and expands the company’s presence in all key global markets. Moreover, Blockade’s BarricadeTM Coil System perfectly complements BALT’s product portfolio which is now the broadest in the market. In addition, focus will be placed on the development and commercialization of additional innovative neurovascular devices for the treatment of aneurysms, stroke and other neurovascular conditions.
“This acquisition is a first strategic move towards transforming BALT into an integrated global neurovascular device company. BALT is recognized as a first mover in the market thanks to a world class R&D team which has proven its ability and rapidity to develop blockbuster products such as the LEO stent, the SILK flow diverter and the SONIC detachable tip micro catheter. Blockade will nicely complement our product portfolio and will give us a strong expandable U.S.-based platform for our future development,” said Pascal Girin, CEO of BALT Inc. and President of Balt International.
“We are proud to have Blockade Medical as a part of the BALT organization. Together, we will bring to market high quality products and maintain full technological independence, both at the root of innovation power” added Nicolas Plowiecki, President of BALT.
“Blockade Medical is excited to join the BALT team. We believe the neurovascular expertise at Blockade Medical will complement BALT’s efficient and innovative organization. Unlike most competitors, BALT masters the whole value chain from design, manufacturing to distribution,” said Dave Ferrera, Blockade Medical’s President and Chief Technology Officer.
Since it was established in 1977, BALT has worked with neurovascular surgeons to treat complex life-threatening conditions such as strokes, aneurysms and arteriovenous malformations. A pioneer in its field, BALT designs, manufactures and distributes the ‘Interventional Neuro Radiology’ (‘INR’) devices such as catheters, stents and coils that are essential in treating such conditions.
BALT is one of the leading pure play MedTech companies in Europe, and is a supplier to all major international hospitals practicing neuroradiology surgery. Headquartered in France, it boasts a number of proprietary, patent-protected products focusing on minimally invasive neurovascular techniques.
In 2015, the company generated 95% of its revenue outside France via its own sales network and over 100 distributors worldwide.
About Blockade Medical LLC
Blockade Medical is a privately held medical device company focused on expanding the endovascular management of ischemic stroke, hemorrhagic stroke and related diseases of the neurovascular system. The company manufactures the Barricade Coil System in the United States and is based in Irvine, California.
Bridgepoint is a European private equity firm. With over €20 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. In 2015, Bridgepoint returned over €1.8 billion to investors. Realisations include the sale of Ponant, the specialist luxury cruise operator and market leader in specialist polar cruises, to Artemis, and Infront Sports & Media AG, which was sold to Dalian Wanda Group, one of the leading Chinese conglomerates and China’s largest investor in cultural and entertainment sector, for €1.05 billion (USD 1.2 billion). In December 2015, it sold LGC, the international life sciences company creating measurement and testing solutions for companies across the world, to KKR for an undisclosed sum.
Bridgepoint currently comprises two businesses: 1. Bridgepoint Europe which concentrates on middle market companies across Europe typically valued between €200 million and €1 billion. It has offices throughout Europe in Frankfurt, Istanbul, London, Luxembourg, Madrid, Paris, Stockholm and a portfolio development office in Shanghai, and 2. Bridgepoint Development Capital, a separate ‘lower mid-cap’ or smaller buyout and growth capital business which focuses on the acquisition of companies in the UK, France and the Nordic region, typically valued between €50 million and €150 million.
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