Synergy Health, a provider of outsourced sterilisation services to the medical device market and healthcare sector, has announced the acquisition of Leoni Studer Hard from Leoni Group for a cash consideration of around 39.7m pounds, which will be funded out of existing debt facilities.
Leoni Suder Hard operates a gamma and X-ray facility in Switzerland, providing irradiation sterilisation services to the medical device, pharmaceutical and packaging industries.
In the year ended December 31st, Leoni Studer recorded revenues of around £7.2m. The acquisition is expected to be earnings enhancing in the first full year of ownership.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Richard Steeves, Chief Executive of Synergy Health, said: "This acquisition further strengthens our position in Europe giving us access to the well developed, high value added medical device sterilisation and pharmaceutical market in Switzerland.
"Furthermore, we will have access to the intellectual property required to exploit the benefits of X-ray technology and particularly polymer modification, enabling us to expand the service offering to our healthcare customers."
NR
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
