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AngioDynamics closes $167.5M sale of NAMIC business to Medline

Latham, N.Y.-based AngioDynamics Inc. completed the $167.5 million sale of its NAMIC fluid management portfolio to privately held Medline Industries Inc.

Northfield, Ill.-based Medline manufactures and distributes healthcare supplies.

NAMIC products include toolkits for a variety of heart examination procedures. The transaction also covered the sale of AngioDynamics's manufacturing facility in Glens Falls, N.Y.

AngioDynamics, which supplies minimally invasive equipment to healthcare professionals for treating vascular diseases and cancer, used $160 million of the proceeds to repay its outstanding debt. The company plans to combine the remaining $80 million with a new $125 million revolving line of credit to support organic and inorganic investments.

Barclays PLC acted as financial adviser to AngioDynamics, with Cadwalader Wickersham & Taft acting as legal adviser.