Filing Flows › Lemaitre Vascular (LMAT) › Takeover & LBO
Is Lemaitre Vascular (LMAT) a takeover target?
A leveraged buyout at today's price plus 30% ($105.07 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 5.8% of companies with its figures were bought within a year (1.15× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $105.07 | today's $80.82 plus 30% |
| × shares | 24.5 million | |
| = Equity value | $2.6B | |
| + Debt refinanced | $0 | |
| − Cash | $376M | |
| = Enterprise value | $2.2B | 25.1× EBITDA of $87.8M |
| Fees | $44.0M | 2% of the price |
| New debt | $483M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.8B | 78% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $283M | $94.8M | $37.0M | $36.3M | $447M |
| Year 2 | $303M | $101M | $34.2M | $43.3M | $403M |
| Year 3 | $319M | $107M | $30.9M | $50.1M | $353M |
| Year 4 | $333M | $111M | $27.0M | $56.7M | $297M |
| Year 5 | $343M | $115M | $22.7M | $62.9M | $234M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 18.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.1B | |
| − Debt left | $234M | |
| = Buyer's equity | $1.9B | |
| Money multiple | 1.06× | on $1.8B put in |
| Buyer's yearly return (IRR) | 1.1% |
Price against return
What the buyer makes at other premiums over today's $80.82.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $88.90 | 6.5% |
| 20% | $96.98 | 3.6% |
| 30% | $105.07 | 1.1% |
| 40% | $113.15 | −1.0% |
| 50% | $121.23 | −3.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $262M | |
| EBITDA, last 12 months | $87.8M | 33.5% of revenue |
| Depreciation and amortization | $10.5M | |
| Capital spending | $9.2M | |
| Debt | $0 | |
| Cash | $376M | |
| Share price | $80.82 | on Oct 16, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Lemaitre Vascular would cost about $109.11 a share, $2.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $98.60 | $2.4B |
| Median | 35% | $109.11 | $2.7B |
| High end (a quarter paid more) | 45% | $117.19 | $2.9B |
The odds, from history
Historically 5.8% of companies with its figures were bought within a year (1.15× the average). Its figures put it in decile 7 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Lemaitre Vascular's latest quarter
Lemaitre Vascular, Q3 2026: revenue $68.0M (+11% year over year), operating margin 26.0%, net earnings $15.0M, operating cash flow $22.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Lemaitre Vascular being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Lemaitre Vascular?
A leveraged buyout at today's price plus 30% ($105.07 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Lemaitre Vascular cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Lemaitre Vascular would cost about $109.11 a share, $2.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.