LITTLE FALLS, N.J.,
Sept. 14, 2015 /PRNewswire/
-- CANTEL MEDICAL CORP. ("Cantel Medical") (NYSE:CMN),
announced today that it has acquired Medical Innovations Group
Holdings Limited ("Medical Innovations") for a purchase price of
$79.5 million in cash consideration.
Medical Innovations, a UK-based medical device company, is a
leading provider of endoscope storage and transport systems in the
UK and internationally. Through its market leading short-term scope
transport system, CleanaScope®, as well as its recently launched
novel SureStore® long-term endoscope storage system, Medical
Innovations is the global leader in providing high-quality
infection prevention solutions related to the safe transport and
storage of endoscopes throughout the healthcare setting. In
addition to its endoscope transport portfolio, Medical Innovations
sells single-use endoscopy consumables, high-quality mobile cart
systems and patient transport solutions.
For the latest twelve months ending June
30, 2015, Medical Innovations had reported revenues and
adjusted earnings before interest, taxes, depreciation and
amortization of $28.1 million and
$7.6 million, respectively, at
current exchange rates. Driven by continued strong sales growth,
Cantel Medical anticipates the acquisition to be accretive to
Non-GAAP earnings per share in the fiscal year ending July 31, 2016 and beyond, and accretive to GAAP
earnings per share in the fiscal year ending July 31, 2017 and beyond.
With the acquisition of Medical Innovations' product portfolio,
Cantel Medical further enhances its leadership position as the
foremost provider of infection prevention and control (IP&C)
solutions in the gastrointestinal (GI) endoscopy market. Medical
Innovations' suite of endoscope storage and transport solutions is
highly complementary to our existing portfolio of leading endoscopy
infection prevention and control products, providing the company
with the most comprehensive endoscope IP&C management system in
the industry.
"Ensuring the safe transport, storage and separation of
reprocessed and contaminated endoscopes throughout the healthcare
setting is a key component of leading infection prevention and
control protocols. The addition of Medical Innovations to the
Medivators Endoscopy portfolio provides us with a market leading
endoscope storage and transport system, and the ability to leverage
existing sales channels, particularly in the US and other direct
markets, to further accelerate growth," said David Hemink, President of Medivators
Endoscopy.
Jorgen Hansen, President and COO
of Cantel Medical said, "We are continuing our strategy of driving
sustainable growth through the expansion of our global presence,
the introduction of new products and the execution of strategic
acquisitions. Medical Innovations' presence in over 80% of UK
hospitals represents a significant opportunity for Cantel Medical
to drive additional growth in the UK market. We are excited that
the owners of Medical Innovations, David
Mason and Paul Stoner, will
remain in leadership roles in the combined business to continue
driving the ongoing success of our expanded Endoscopy
platform."
About Cantel Medical Corp.
Cantel Medical Corp.
(NYSE:CMN) 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. 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.
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SOURCE Cantel Medical Corp.