US-based surgical device maker Synergetics has bolstered its footprint in ophthalmic markets outside the country with the acquisition of UK private manufacturing company, Sterimedix, for a net cash consideration of $13.5m.
Synergetics designs, manufactures, and markets innovative surgical devices for ophthalmic and neurosurgical applications, while Sterimedix manufactures and distributes cannulas, needles and other disposable products for ophthalmic and aesthetic procedures.
Synergetics president and chief executive officer David Hable said: "The acquisition of Sterimedix expands the Company’s operations, adding scalable operations to our established distribution footprint outside the US."
Stermedix managing director Ronnie McFarlane added: "Sterimedix’s portfolio of innovative surgical products for the ophthalmic and aesthetics markets represents a compelling fit within Synergetics’ comprehensive portfolio of proprietary products.
"We look forward to expanding our business by leveraging Synergetics’ growing sales and distribution presence in the UK and we expect our Company to enhance Synergetics’ operations in the United Kingdom, Continental Europe and North America going forward."
As part of terms of the acquisition agreement, the transaction also provides for potential gross profit margin earn-outs through 31 December 2017.
During the fiscal year ended on 31 December 2013, Sterimedix generated total revenue of approximately $6.4m and expects sales to increase nearly 15% on a constant currency basis for the calendar year ended on 31 December 2014.
Image: Synergetics buys UK’s Sterimedix for $13.5m. Photo: courtesy of stockimages/FreeDigitalPhotos.net.