OR WAIT null SECS
Cantel Medical Corp., through its Crosstex International subsidiary, has further expanded its infection prevention and control business by purchasing the sterilization monitoring business of ConFirm Monitoring Systems, Inc. Based in Denver, ConFirm is a leading providers of biological monitoring services in North America.
ConFirm offers both a mail-in service and in-office spore test kits for healthcare professionals to verify the performance of their sterilizers in accordance with industry guidelines for daily or weekly testing. With approximately $4.0 million in GAAP sales, the privately-held enterprise was founded 10 years ago and conducts over two million tests per year. The purchase price is comprised of $7.5 million in cash at closing and contingent consideration of up to an additional $1.0 million based on achievement of specified sales levels through January 31, 2012. The transaction is expected to be slightly accretive to Cantel's earnings per share in the first full fiscal year.
According to Gary Steinberg, CEO of Crosstex, "ConFirm is an ideal addition to our sterilization product portfolio. Given that the sterilizer is a critical component of infection control in every dental office and most healthcare facilities, we want to provide the most effective tools to ensure it is functioning properly. When used in conjunction with our patent-pending Sure-CheckÂ® sterilization pouch, ConFirm's biological monitoring systems enable us to provide the highest form of sterility assurance."
Andrew Krakauer, CEO of Cantel Medical added, "I am very impressed with the employees, operations, and high service-orientation of ConFirm. We are delighted that Mark Frampton will continue as the general manager for at least the first year. Crosstex will be retaining the Denver operation and all of the aligned employees to ensure a smooth transition for all distributors and end-users. I see this as a great opportunity to leverage the strong sales and marketing capabilities of our Crosstex platform."