Healthmark Industries is engaged in the development and marketing of solutions that supports healthcare facilities in providing surgical instruments and other lifesaving medical devices to patients
The headquarters of Getinge in Gothenburg, Sweden. (Credit: Getinge)
Sweden-based Getinge has acquired American instrument care and infection control consumables provider Healthmark Industries for around $320m.
Healthmark Industries is engaged in the development and marketing of solutions that support healthcare facilities in providing surgical instruments and other lifesaving medical devices to patients.
The acquisition is expected to expand Getinge’s presence in the US sterile reprocessing market while facilitating Healthmark’s expansion on an international scale.
The infection control consumables provider has headquarters and main production facilities in Fraser, Michigan along with a facility in Bobigny, France. Globally, the company has around 400 employees.
Healthmark anticipates about $126m in net sales for its fiscal year ending 31 October 2023, which is equal to an increase of around 15% over fiscal year 2022.
Getinge surgical workflows president Stéphane Le Roy said: “Together we will offer a broad range of solutions to sterile processing departments in hospitals. Healthmark’s position in the field of consumables for cleaning verification and packaging will be an ideal complement to our consumables, reprocessing capital equipment, and software solutions.
“The acquisition strengthens Getinge’s position in the infection prevention sector in the US, and our global customer reach in Europe and Asia will also accelerate Healthmark’s international development.”
Getinge, which provides solutions for operating rooms, intensive-care units, sterilisation departments, paid the consideration on a cash and debt-free basis with a normalised working capital for 100% of the shares in Healthmark.
The acquisition has been funded through cash on hand and existing credit facilities.
For the next five years, the Swedish medical device maker anticipates gradual net synergies of about $30m.
Healthmark president and CEO Mark Basile said: “This combination makes sense due to the minimal overlap in our product portfolios.
“By bringing together our strengths, we are well positioned to better serve our customers, gain greater control over our supply chain and finished products, and expand our reach outside the United States.”
Getinge anticipates no material integration costs in 2023 or 2024 and plans to have fully integrated Healthmark by the end of next year.