(Sharecast News) - Medical device company Creo Medical Group acquired European manufacturer Albyn Medical on Friday for €24.8m plus as much as €2.7m in performance-related considerations over the next two years.
Creo said Albyn, which supplies and manufactures gastroenterology, urology and endoscopy products, was a well-established and stable business and had remained profitable on a monthly basis during the Covid-19 pandemic.
The AIM-listed group stated the acquisition was a synergistic one, which provided it with immediate market access across Spain, France, Germany and the UK.
Chief executive Craig Gulliford said: "Albyn Medical is an exceptionally good fit with Creo.
"The enlarged business brings together a wide range of highly complementary GI products, with an opportunity to broaden the portfolio into urology, and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices."
As of 0940 BST, Creo Medical shares were untraded at 201p.
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