OR WAIT 15 SECS
Cantel Medical Corp. announces that it acquired International Medical Service S.r.l, or IMS, for a purchase price of €19.6 million in cash consideration. Located in Pomezia, Italy, IMS is a leading manufacturer of high-level disinfectant chemistries used in automated endoscope reprocessors (AERs) as well as other infection prevention and control chemistries used in healthcare and dental markets. In addition, IMS is a manufacturer of high-quality AERs and holds leading share in the Italian AER market. IMS has an employee base of approximately 60 individuals including a complete sales and service team for the Italian market as well as a robust engineering group.
For the 12 months ended Dec. 31, 2013, IMS had unaudited revenues and earnings before interest, taxes, depreciation and amortization (on a US GAAP adjusted basis) of approximately €10.8 million and €2.7 million, respectively. Through focused efforts to grow the core Italian business while expanding sales of the IMS AER platform internationally, Cantel expects this business to show meaningful sales and profit growth over the next several years. Cantel anticipates the acquisition to be neutral to U.S. GAAP earnings per share in the fiscal year ending July 31, 2015 and accretive thereafter. This acquisition will be integrated into the Medivators business unit and will be reported as part of the Endoscopy segment.
"The addition of IMS to our Medivators Endoscopy segment compliments this business with the most competitive global AER portfolio and adds key global R&D and manufacturing capabilities to our organization," says Jorgen Hansen, president of Medivators and COO of Cantel Medical. "We look forward to manufacturing both IMS' line of chemistries as well as Medivators' range of infection prevention chemistries at the IMS facility for sale throughout the European continent."
Andrew Krakauer, president and CEO of Cantel Medical says, "As we continue to target significant growth of our core businesses in international markets, the addition of high-quality manufacturing as well as direct sales and service teams in key geographies is an important step toward achieving our objectives. The acquisition of IMS represents our second major international acquisition in the last four months following our PuriCore International acquisition in the United Kingdom this past summer, and these complimentary transactions reflect our ongoing commitment to our international growth strategy. We welcome the entire IMS workforce to the Cantel Medical family, and we look forward to working together toward achieving the full potential of Cantel Medical."
Source: Cantel Medical Corp.