Medical Action Industries completes Avid buyout
Medical Action Industries Inc., medical and surgical products supplier, said Friday it completed the buyout of Avid Medical Inc. for $62.5 million in cash, plus transaction costs.
Avid makes custom procedure trays serving the health care industry. Medical Action said the buyout will increase its ability to serve health care providers in acute care facilities and surgery centers.
Avid had about $136 million in revenue during its most recent fiscal year, ended March 31.
Michael Sahady, founder and CEO of Avid, will join Medical Action's board of directors, and Avid President and Chief Operating Officer Richard Setian will become vice president of sales and marketing.
Shares of Medical Action jumped 47 cents, or 6 percent, to $8.30 in afternoon trading. The stock has traded between $7.61 and $17.74 over the last 52 weeks.