Synergy Health acquires Leoni subsidiary

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.

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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