Cantel Medical has agreed to acquire Italian dental surgical consumables firm Omnia for $31.9m to accelerate its dental infection prevention presence in Europe.
Cantel Medical provides infection prevention products and services in the healthcare market.
As per the deal, Cantel will make an upfront payment of $26.1m. The company will also pay $5.8m in the form of an earnout based on the achievement of various performance-based targets.
Omnia’s business includes a portfolio of sutures, irrigation tubing and customized dental surgical procedure kits, with a focus on procedure room set-up and cross-contamination prevention.
The company’s products are utilized across multiple dental surgical procedures, including maxillofacial surgery, periodontics and prosthodontics, and general practices.
Cantel Medical president and CEO Jorgen Hansen said: “Expanding our leadership in international markets remains a key priority for Cantel. This transaction in particular represents a milestone as it enables us to significantly expand Cantel Dental’s presence in the European infection prevention market.
“Combining Omnia’s high-quality product portfolio and commercial infrastructure with Cantel’s existing dental solutions in Europe will enable us to provide more comprehensive offerings to our customers. It also will create the scale and infrastructure needed to position us well for future growth of our Dental business globally.”
For the twelve months ended 31 July 2018, Omnia generated $18.9m in revenues.
Cantel Medical anticipates that the acquisition to be accretive to non-GAAP earnings per share in the fiscal year ending 31 July 2019 and beyond, and accretive to GAAP earnings per share in the fiscal year ending 31 July 2020 and beyond.
Cantel dental division president Gary Steinberg said: “Omnia’s comprehensive product lines of high-quality, innovative infection prevention and surgical solutions will be a strong addition to our growing dental portfolio.
“We believe Omnia’s existing sales channels and focus on specialty dentistry will better equip us to service an additional segment of the dental market where maintaining aseptic procedures is critical.”
The transaction, which is subject to customary closing conditions, is expected to close in the starting of February 2019.
Cantel Medical delivers infection prevention products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives.