Cantel Medical ($CMN) has picked up Italian healthcare manufacturing company International Medical Service (IMS) for €19.6 ($24.5 million), making it the second major acquisition for the New Jersey-based maker of infection prevention and control systems in the past four months.
In July, Cantel snapped up U.K.-based PuriCore for $26.9 million, which manufactures automated endoscope reprocessors (AERs). IMS, which is based in Pomezia, Italy, produces disinfectant chemistries used in AERs. It also makes other products used in the healthcare and dental markets, the company said in a press release.
Cantel said it plans to grow IMS' core Italian business while expanding sales of its AER platform internationally. The acquisition of IMS is expected to be neutral to earnings by the end of July 2015.
"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," Andrew Krakauer, Cantel chief executive, said in a statement.
All of IMS' 60 employees, which includes sales, services and engineering teams, will join Cantel's workforce of 1,500, and will remain based in Italy. According to Cantel, for 2013 IMS had unaudited revenue and earnings of €10.8 million ($13.4 million) and €2.7 million ($3.3 million), respectively.
- see the release (PDF)
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