Stryker, a provider of orthopedic devices, has entered into a definitive agreement to acquire Gaymar Industries, owned by private equity firms Nautic Partners and Norwest Equity Partners, for approximately $150m in an all-cash transaction.
The transaction, which is expected to close by 1 October 2010 is conditioned on expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period and other customary closing conditions.
The acquisition expands Stryker’s product offerings in the high-performance support surface and pressure ulcer management market, while also providing a complementary product offering to its existing customer base through its temperature management technology platform.
Stryker chairman, president and CEO Stephen MacMillan said that the acquisition of Gaymar Industries is consistent with their strategic goal of expanding existing product offering and extensive sales force presence via innovative and value added products.
“In addition to a talented team, Gaymar provides our Medical division with an attractive portfolio of high-performance support surface and pressure ulcer management products that target an approximately $1.8bn worldwide market, while simultaneously enhancing our customer relationships through the addition of their temperature management offering,” MacMillan said.
Gaymar CEO Kent Davies said that they are thrilled to become part of Stryker and broaden the availability of clinically proven products and the integration of complementary product portfolio will strengthen Stryker’s leadership in patient handling while driving innovations that can help prevent adverse events and reduce healthcare costs.