SurgLine International (SI), formerly known as China Nuvo Solar Energy, has signed a Non-Binding Letter of Intent ("LOI") to acquire a regional surgical implants distributor with approximately $9 million in annual revenues.
On the completion of acquisition, the target distribution company will become a new wholly owned subsidiary of SI.
SurgLine CEO Thomas Toland reportedly said that the target acquisition makes tremendous sense for their company as they continue to identify distributors with complimentary business strategies which may allow them to further expand their distributorship network.
"In addition to the approximately $9 million annual run rate of revenues, this targeted distributor has tremendous market knowledge and experience and this potential acquisition would allow SurgLine to add critical expertise and depth to our management team," Toland added.
The deal is subject to customary conditions which include the approval of both companies’ boards of directors and stockholder or regulatory approval.