PARIS and MONTMORENCY, France, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Balt, a global medical device leader in interventional neuroradiology, announces that it has secured €355 million in financing from a group of leading institutional investors and banks to refinance existing debt, accelerate product innovation, expand production capacity, and enhance development of key growth markets.
The new financing, with a seven-year maturity, demonstrates Balt’s attractive investment profile and will allow Balt to accelerate its growth. In addition to the refinancing of its existing debt, Balt has obtained a €75 million line of credit that will be dedicated to capital investments and inorganic growth, as well as a €45 million revolving credit facility to further strengthen its liquidity.
This milestone is key to Balt's growth strategy, providing it with critical resources to develop and expand its portfolio of high-precision neurovascular medical devices. It will also accelerate the company's global expansion, especially in the United States, the largest market in the world for medical devices and a key driver of the company’s future growth. In support of this initiative, Balt plans to increase the capacity of its production sites in Montmorency, France and Irvine, California. This financing reinforces Balt's commitment to sustained growth and positions the group to achieve its ambitious target of one billion euros in sales by 2030.
Under the leadership of Pascal Girin, CEO, and Bridgepoint as the majority shareholder, Balt has experienced remarkable growth since 2015, increasing its revenue six-fold and expanding its global workforce ten-fold to nearly 1000 employees. The company is targeting revenue of over €300 million in 2025.
Pascal Girin, President of Balt: "Obtaining this financing marks an important milestone in our journey and confirms our ability to innovate and offer, all over the world, breakthrough devices in the non-invasive treatment of neurovascular diseases. It validates the confidence of Balt’s financial partners in our growth prospects, gives us the financial means to invest in cutting-edge research, expand our presence in the crucial U.S. market, and increase our production capacity, which will drive strong and sustained growth and help us strengthen our leadership position in the medical device industry."
Fabrice Turcq, Partner at Bridgepoint: "This refinancing clearly validates Balt's strategy, the expertise of its team, and its commitment to improving patient care to build the future of neurovascular treatment. We are delighted to support the company in its growth momentum, and to contribute to this exemplary success in the Medtech field."
About Balt
Balt has revolutionized the treatment of neurovascular pathologies by developing high-precision implantable medical devices (stents, coils, catheters, embolic fluids) now used in over 70 countries around the world. Founded in France in 1977, Balt has become one of the world leaders in medical devices in the field of interventional neuroradiology. In recent years, the company has experienced rapid acceleration in its global development, particularly in the United States. www.baltgroup.com
Contact
Greg Chodaczek
Gilmartin Group
greg@gilmartinir.com
