ArchiMed buys Cardioline

The all-equity deal will see Cardioline's founders and management remain in their leadership positions with a significant minority stake in the company.

ArchiMed plans to expand the company's presence in Europe and in North and South America, with the aim of creating one of the largest providers of remote cardiology and stress-testing services globally. ArchiMed and Cardioline have a pipeline of 15 potential acquisitions in Europe and the Americas, according to a statement.

In addition, the GP plans to expand the company's product range.

ArchiMed operating partner Carlos Alonso is to join Cardioline's board as chairman.

The GP held a final close for MED III in August 2021 on EUR 650m. The fund buys majority stakes in small-cap European and North American healthcare companies with revenues of EUR 10m-100m and expects to back 12-14 companies in total.

The GP's 2018-vintage MED II announced its final investment earlier in November, acquiring Germany-based drug discovery membrane protein developer Cube Biotech.

In addition to its flagship strategy, ArchiMed makes investments in companies with enterprise values of more than EUR 100m via MED Platform I, which held a final close in August 2020 on EUR 1bn. The vehicle was 70% deployed as of August 2021, according to Unquote Data.

Click here to read a profile of ArchiMed on Unquote.com.

Company
Founded in 1962 and headquartered in Trento, Cardioline manufactures and supplies cardiology devices and related services, including remote cardiology testing and diagnostics. The company is expected to post revenues of EUR 15m in the 2021 financial year, according to a statement, marking a 20% increase over the past three years.

People
ArchiMed – Vincent Guillaumot (managing partner).
Cardioline – Brian Brenegan (CEO).

Advisers
Equity – Gianni & Origoni (legal); EY (financial due diligence).
Vendor – Studio Legale e Tributario Biscozzi Nobili (legal); BGL (financial due diligence).

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