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Ethicon Endo-Surgery, Inc. (EES), a global leader in the development of innovative medical devices for minimally invasive and open surgical procedures, today announced a definitive agreement to acquire privately-held SterilMed, Inc., a leader in the reprocessing and remanufacturing of medical devices in the United States. Financial terms of the agreement are not being disclosed.
SterilMed, based in Maple Grove, Minn., offers products and services including medical device reprocessing, equipment repair and pre-owned equipment sales that help healthcare providers lower their medical device and equipment costs, while reducing the amount of environmental waste they generate. The acquisition broadens EES portfolio and enables expansion in a rapidly growing market segment, while also bringing added scale, scope and experience to an already successful SterilMed team.
"The time is right for Ethicon Endo-Surgery and SterilMed to come together, given the rapid changes occurring in the U.S. healthcare system," says Karen Licitra, Company Group Chairman and Worldwide Franchise Chairman for Ethicon Endo-Surgery. "Together, we can continue our focus on developing innovative surgical solutions, while providing healthcare facilities a wider range of flexible product options to save money, reduce medical waste, and maintain quality care for patients."
SterilMed will be managed as part of the Ethicon Endo-Surgery franchise, but will continue to operate as a stand-alone company and retain the name SterilMed.
"This is an exciting opportunity for both our customers and our company," says Brian Sullivan, SterilMed Chairman and CEO. "Becoming part of the Ethicon Endo-Surgery franchise, one of the largest and most respected medical device companies in the world, will have a positive impact on our business, while also expanding our product portfolio."
The closing of the acquisition is conditioned on the expiration or termination of all applicable waiting periods pursuant to the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.