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LONDON (Alliance News) - Tristel PLC said Monday it appointment Ecomed's Chief Executive Officer Bart Leemans as executive director after acquiring the Ecomed Group.
The manufacturer of infection prevention products bought Ecomed Services NV, Ecomed Nederland BV and Ecomed France SARL, together the "Ecomed Group", which is Tristel's exclusive distributor in the Benelux region and in France.
Tristel paid EUR5 million for the acquisition, of which EUR3.4 million in cash and EUR1.6 million from the issue of 573,860 shares at 242.7 pence each.
Tristel shares were trading up 4.25 at 237.0 pence each.
An additional deferred consideration of up to EUR1.8 million may be paid before July 2019 based on earnings before interest, taxes, depreciation and amortisation for 2018 of at least EUR840,000 and sales growth of at least 15%.
The Ecomed Group's sales during the twelve-month period ending June 30 amounted to EUR3.1 million of which EUR2.5 million were Tristel products.
Tristel expects Ecomed to contribute incremental earnings in its current financial year of at least GBP250,000 after transaction and integration costs.
