BGF – Ireland’s largest growth capital investor – has completed a €6 million equity investment in Vasorum Limited. Vasorum is a Dublin based high-growth medical device business specialising in sophisticated devices used to close arterial punctures in vascular, cardiology, radiology and neuro-radiology procedures. BGF invests in minority positions in growing businesses and aims to support and facilitate the growth plans of founders and owners. BGF in Ireland is supported by the Ireland Strategic Investment Fund (ISIF) and the main Irish banks.
Based in Dublin, Vasorum is led by Founder and CEO, Dr. Jim Coleman, and former CR Bard senior executive and serial entrepreneur Chas Taylor. Vasorum developed and markets the CELT® Arterial Closure Device (“ACD”), which is used to close femoral artery punctures. The CELT ACD is a Class III medical device based on a patented platform technology, which was FDA approved in 2017, and has been used in over 70,000 patients to date. BGF’s investment will be used to accelerate the commercial roll-out of CELT ACD in the United States and to invest in new product development.
Vasorum founder and CEO, Dr. Jim Coleman, welcomed the investment from BGF: “We are delighted to have secured this investment. BGF shares our vision for growing this business over the coming years and will assist us to realise our ambitions. Vasorum will use this investment to accelerate adoption of the CELT ACD in the US market, and to broaden our product offering. I would like to thank our staff and existing shareholders, including Enterprise Ireland, for their hard work and support to date, and I look forward to a bright future as we enter the next phase of development.”
Mark Sykes, Investor at BGF, said “Vasorum represents an exciting opportunity to scale a fast growth medical device business with globally leading technology. Its CELT ACD already has industry-leading performance, and it is well advanced in new product development programs, which have the potential to revolutionise vascular closure in structural heart, ventricular assistance and endovascular aneurysm repair. We’re looking forward to supporting Jim, Chas and the rest of the team in realising their exciting growth ambitions.”
Leo Casey, Head of BGF in Ireland, added; “We are delighted to welcome Jim and his team into the growing portfolio of successful Irish businesses backed by BGF. Vasorum is the seventh investment which BGF Ireland have closed in the last two years, demonstrating our continued momentum in the market. BGF’s portfolio of Irish business now spans multiple sectors including medical devices, software, aerospace engineering, security and residential construction.”
Vasorum is chaired by former SIAC Construction CEO Finn Lyden. Mark Sykes of BGF will join the Vasorum Board with Maedhbh O’Driscoll of BGF joining as a Board observer.
BGF was advised by Dillon Eustace and Potter Clarkson (legal), Ronan Murray (financial) and Grant Thornton (tax). Vasorum was advised by Clark Hill (legal), Michael Kinsella of BCA (financial) and David O’Flynn of EVA Consulting (commercial).
Issued on behalf of BGF by Gordon MRM
Contact: Ray Gordon – Ph: 087 2417373