Connemara Biomedical Holdings Teoranta - and its operating subsidiaries Aran Biomedical and Proxy Biomedical - has been bought by US firm Integer Holdings Corporation in a deal worth up to €130m.
Based in Co Galway, Aran delivers development and manufacturing solutions for implantable medical devices.
It generated sales of $17m in 2021, nearly doubling sales from the prior year.
Under the terms of the deal, Integer will buy the Galway company for €120m, with up to an additional €10m payable based on the company's achievement of 2022 revenue growth milestones.
Integer said the deal will be immediately accretive to its sales growth and profit margins.
Peter Mulrooney, Aran Biomedical CEO, said the company was very excited and proud to be joining Integer, one of the largest medical device outsource manufacturers in the world.
"Combining Aran Biomedical's proprietary biomaterial implant technologies with Integer's world class delivery systems will lead to a more highly differentiated service offering to the medical device industry," he added.
Joe Dziedzic, Integer President and CEO, said the acquisition of Aran Biomedical is entirely aligned with the company's strategy to expand its presence in high growth markets.
"Aran brings subject matter expertise and highly differentiated implant technology solutions to our portfolio," he said.
"Coupling these technology solutions and expertise with Integer's leadership in delivery systems and manufacturing scale will bring an unparalleled ability to meet our customers' needs and be their partner of choice for developing the next generation of lifesaving and life-enhancing medical devices," he said.
"Their innovation, capabilities and values are a perfect complement to Integer's, and we are thrilled to welcome Aran's 130 associates to the Integer team," he added.
