LITTLE FALLS, N.J.,
Nov. 4, 2014 /PRNewswire/
-- CANTEL MEDICAL CORP. (NYSE: CMN) today announced that it
acquired International Medical Service S.r.l, or IMS, for a
purchase price of €19.6 million in cash consideration. Located in
Pomezia, Italy, IMS is a leading
manufacturer of high-level disinfectant chemistries used in
automated endoscope reprocessors (AERs) as well as other infection
prevention and control chemistries used in healthcare and dental
markets. In addition, IMS is a manufacturer of high-quality AERs
and holds leading share in the Italian AER market. IMS has an
employee base of approximately 60 individuals including a complete
sales and service team for the Italian market as well as a robust
engineering group.
For the twelve months ended December 31,
2013, IMS had unaudited revenues and earnings before
interest, taxes, depreciation and amortization (on a US GAAP
adjusted basis) of approximately €10.8 million and €2.7 million,
respectively. Through focused efforts to grow the core Italian
business while expanding sales of the IMS AER platform
internationally, Cantel expects this business to show meaningful
sales and profit growth over the next several years. Cantel
anticipates the acquisition to be neutral to US GAAP earnings per
share in the fiscal year ending July 31,
2015 and accretive thereafter. This acquisition will be
integrated into the Medivators business unit and will be reported
as part of the Endoscopy segment.
"The addition of IMS to our Medivators Endoscopy segment
compliments this business with the most competitive global AER
portfolio and adds key global R&D and manufacturing
capabilities to our organization," said Jorgen Hansen, President of Medivators and COO
of Cantel Medical. "We look forward to manufacturing both IMS'
line of chemistries as well as Medivators' range of infection
prevention chemistries at the IMS facility for sale throughout the
European continent."
Andrew Krakauer, President and
CEO of Cantel Medical said, "As we continue to target significant
growth of our core businesses in international markets, the
addition of high-quality manufacturing as well as direct sales and
service teams in key geographies is an important step toward
achieving our objectives. The acquisition of IMS represents our
second major international acquisition in the last four months
following our PuriCore International acquisition in the
United Kingdom this past summer,
and these complimentary transactions reflect our ongoing commitment
to our international growth strategy. We welcome the entire IMS
workforce to the Cantel Medical family, and we look forward to
working together toward achieving the full potential of Cantel
Medical."
About Cantel Medical Corp.
Cantel Medical is a leading global company dedicated to
delivering innovative infection prevention and control products and
services for patients, caregivers, and other healthcare providers
which improve outcomes, enhance safety and help save
lives. Our products include specialized medical device
reprocessing systems for endoscopy and renal dialysis, advanced
water purification equipment, sterilants, disinfectants and
cleaners, sterility assurance monitoring products for hospitals and
dental clinics, disposable infection control products primarily for
dental and GI endoscopy markets, dialysate concentrates, hollow
fiber membrane filtration and separation products, and specialty
packaging for infectious and biological specimens. Additionally, we
provide technical service for our products. For further
information, visit the Cantel website at www.cantelmedical.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements involve a number of risks and uncertainties,
including, without limitation, the risks detailed in Cantel's
filings and reports with the Securities and Exchange Commission.
Such forward-looking statements are only predictions, and actual
events or results may differ materially from those projected or
anticipated.
SOURCE Cantel Medical Corp.