Angiodynamics, a Co Wexford-based healthcare company, has been bought out by its management with the support of venture capitalists Alliance Investment Capital (AIC) and ICC Venture Capital. ICC and AIC have paid £1.9 million (€2.41 million) for a 36.5 per cent stake, valuing the company at just over £5.2 million.

With 63.5 per cent ownership, the six-person management team under managing director Mr Andrew Jones expects the company to move into profit within months. It plans to expand employment from the current level of 65 people to 90 by the end of the year. In addition to its equity stake, ICC has advanced loan and working capital funding of £1.15 million to the company.

Set up in Enniscorthy in 1997, the company was acquired from its former parent, the US group Angio-Dynamics Inc. Mr Jones said the parent decided to sell the cardiology products manufacturer to refocus its operations on the interventional radiology market. Under the parent group the Wexford operation was not profitable, he said, because it sold directly to the parent as a contract manufacturer operating on a cost plus 20 per cent basis.

The management team has developed new products and services and new markets, and is confident of the commercial viability of the operation, he said.

AngioDynamics is currently recruiting product development engineers and assemblers.

Details of the jobs on www.AngioDynamics.ie/ career.htm.