Balt has announced that it recently 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, as outlined in a company press release.
“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,” said Balt president and chief executive officer (CEO) Pascal Girin. “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 US 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.”
The new financing has a seven-year maturity, and demonstrates Balt’s “attractive investment profile” and will allow the company to accelerate its growth, the release adds.
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.
The release goes on to note that 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 help to accelerate the company’s global expansion—especially in the USA. In support of this, Balt plans to increase the capacity of its production sites in Montmorency, France and Irvine, USA.
This financing reinforces Balt’s commitment to sustained growth and positions the group to achieve its target of €1 billion in sales by 2030, the company claims.
Under the leadership of CEO Girin, and Bridgepoint as the majority shareholder, Balt has grown considerably since 2015, increasing its revenue sixfold and expanding its global workforce to nearly 1,000 employees. The company is targeting revenue in excess of €300 million in 2025.
“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,” said Fabrice Turcq, partner at Bridgepoint. “We are delighted to support the company in its growth momentum and to contribute to this exemplary success in the medtech field.”
Earlier this year, Balt also announced that the CICACOILS project—which the company is currently working on alongside several French public academic research institutes to further haemorrhagic stroke treatments—had been awarded €4.2 million in funding from the French government via its public investment bank (BPI), with €1.7 million going to Balt as the project’s main sponsor.
