Piper Jaffray & Co. is serving as financial advisor to Integer while Hodgson Russ LLP is serving as legal advisor.
Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource manufacturer, has entered into an agreement to sell its Advanced Surgical and Orthopedics product lines to MedPlast, LLC, a leading global services provider to the medical device industry, for $600 million in cash. The transaction is expected to close in the third quarter of 2018 and is subject to customary closing conditions, including U.S. and foreign antitrust clearances.
Integer’s AS&O capabilities will bolster MedPlast’s portfolio of manufacturing solutions and transform MedPlast into one of the world’s leading outsourced contract manufacturers of medical devices. In addition to expanding MedPlast’s offering into a broad range of metals manufacturing capabilities, including machining, stamping, coating and metal forming, it will further strengthen MedPlast’s front-end design, development and prototyping services. Once complete, the acquisition will double MedPlast’s size to nearly $1 billion in sales, as well as its global footprint, with an expanded presence in Europe. MedPlast will employ nearly 6,000 engineers, technicians and assembly workers at manufacturing facilities across Asia, Central America, Europe and the United States.
Cravath represented Royal Bank of Canada in connection with the arrangement of $570 million of senior secured first lien credit facilities and a $225 million senior secured second lien term loan facility made available to MedPlast Holdings, Inc. with a team including Michael S. Goldman (Picture) senior attorney Sarah F. Rosen and associates Marc Bode, Stanley I. Onyeador and Joanna Pak on banking matters, and partner Matthew Morreale on environmental matters.
Involved fees earner: Michael Goldman – Cravath Swaine & Moore; Sarah Rosen – Cravath Swaine & Moore; Marc Bode – Cravath Swaine & Moore; Stanley Onyeador – Cravath Swaine & Moore; Joanna Pak – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore;
Law Firms: Cravath Swaine & Moore;
Clients: Royal Bank of Canada;