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AngioDynamics to Acquire Navilyst Medical for $372 Million

Practices: Private Equity, Real Estate Investments & Transactions, Tax, Antitrust, Finance, Corporate & Securities Litigation

A cross-practice, cross-office Ropes & Gray team advised Avista Capital Partners and its portfolio company, Navilyst Medical, in the planned sale of Navilyst Medical to medical device maker AngioDynamics for $372 million in cash and stock.

The sale, which is expected to close in the second quarter, will double AngioDynamics’ share of the vascular access market. Vascular access devices are tubes that are surgically implanted into a patient’s large vein and used to deliver antibiotics, nutrition and administer transfusions over a long period of time.

Based in Marlborough, Mass., Navilyst generated $149 million in sales in 2011. Private equity firm Avista Capital Partners purchased Navilyst from Boston Scientific in 2008. AngioDynamics is funding the deal with $97 million of cash on hand and $150 million in financing from JP Morgan, Bank of America and KeyBank National Association, and will issue approximately 9.5 million shares of its common stock in the transaction.

The Ropes & Gray team that advised Navilyst on the deal was led by private equity transactions partner Craig Marcus and included antitrust partner Michael McFalls, benefits partner Renata Ferrari, finance partner Steve Rutkovsky, health care partner Tim McCrystal, real estate partner Peter Alpertand tax partner Leo Arnaboldi along with senior attorney Josephine Greaves, career associate Simone Waterbury and associates Allie Alperovich, Doug BrayleyDierdre Johnson, Danna Kivell, Bryan LaPlant, Amy OlsonKristin Roshelli, and Sarah Schaffer Raux.
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