LITTLE FALLS, N.J.,
Nov. 12, 2018 /PRNewswire/
-- Cantel Medical Corp. (NYSE: CMD), announced today that
it has entered into a definitive agreement to purchase Omnia S.p.A.
("Omnia"), an Italian-based market leader in dental surgical
consumables solutions.
Omnia's business consists of a wide-ranging portfolio of
sutures, irrigation tubing and customized dental surgical procedure
kits, with a focus on procedure room set-up and cross-contamination
prevention. Its products are used across multiple dental surgical
procedures, including maxillofacial surgery, periodontics and
prosthodontics, and general practices.
The total purchase price is $31.9
million in cash and stock consideration, consisting of
$26.1 million in upfront payment and
$5.8 million of consideration in the
form of an earnout based on the achievement of certain
performance-based targets.1
For the last twelve months period ending July 31, 2018, Omnia generated revenues of
$18.9 million.2 Cantel
anticipates the acquisition to be accretive to non-GAAP earnings
per share in the fiscal year ending July 31,
2019 and beyond, and accretive to GAAP earnings per share in
the fiscal year ending July 31, 2020
and beyond.
"Expanding our leadership in international markets remains a key
priority for Cantel. This transaction in particular represents a
milestone as it enables us to significantly expand Cantel Dental's
presence in the European infection prevention market," said
Jorgen Hansen, President and CEO.
"Combining Omnia's high-quality product portfolio and commercial
infrastructure with Cantel's existing dental solutions in
Europe will enable us to provide
more comprehensive offerings to our customers. It also will create
the scale and infrastructure needed to position us well for future
growth of our Dental business globally."
"Omnia's comprehensive product lines of high-quality, innovative
infection prevention and surgical solutions will be a strong
addition to our growing dental portfolio," said Gary Steinberg, President of Cantel's Dental
division. "We believe Omnia's existing sales channels and focus on
specialty dentistry will better equip us to service an additional
segment of the dental market where maintaining aseptic procedures
is critical."
Subject to customary closing conditions, Cantel expects the
transaction to close in the beginning of February 2019.
About Cantel
Cantel Medical is a leading global company dedicated to
delivering innovative infection prevention 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.
About Omnia S.p.A.
Omnia is a leading
manufacturer and distributor of custom procedure kits, sutures and
irrigation line systems, with a special focus on the set-up of the
operating room and the prevention of cross-contamination. Omnia has
a solid history of developing, manufacturing and selling innovative
sterile and disposable surgical products. These products are
specifically designed to meet the demanding requirements of dental
surgery.
For further information, visit the Omnia website at
www.omniaspa.eu.
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.
1 Assumes USD/EUR Fx rate of 1.13 as of 10/30/18.
2 Assumes average historical USD/EUR Fx rate of 1.19 for
last twelve months period ending 7/31/18.
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SOURCE Cantel Medical Corp.