(Alliance News) - Uniphar PLC said Tuesday it has acquired Nordic-based medtech service provider EPS Group and Irish-based medtech service provider M3 Medical Ltd.
The total potential consideration payable for EPS Group and M3 Medical is EUR40 million over four years, with the deferred consideration to be linked to earnings before interest, taxes, depreciation and amortisation performance over the four years.
The deal is being financed from the proceeds raised from its initial public offering in July, which alongside a completed placing shortly after the IPO, totalled EUR139 million.
EPS Group comprises EPS Vascular AB and EP Endovascular AB, both registered in Sweden and EPS Vascular OY registered in Finland.
Both the EPS Group and M3 Medical deliver sales, marketing and distribution services to medical device manufacturers in the therapeutic areas of interventional cardiology and vascular medicine. The EPS Group delivers these services across Sweden, Denmark, Norway, Finland, Iceland and the Baltics, while M3 Medical's services extend exclusively to the Irish market, Uniphar said.
On a proforma basis, for 2019, these acquisitions in aggregate are expected to deliver revenue of about EUR22 million.
Both the EPS Group and M3 Medical will be integrated into the Commercial & Clinical Medtech division of Uniphar.
Uniphar Chief Executive Ger Rabbette said: "These acquisitions are a key strategic step in Uniphar's plan to offer its pharmaco-medical clients a pan-European service by adding new countries and new agencies to our roster.
"With this development, we add to our already considerable expertise in the area of interventional technologies in key therapeutic areas, and Uniphar advances its ambition to become a leading independent distributor of medical devices throughout Europe. We expect to invest in these platforms in the short term as part of growing our unique and compelling proposition to emerging and specialist medical device manufacturers seeking a commercial partnership across their European business."
Shares in Uniphar were untraded in London on Tuesday, but last closed at EUR1.21 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Uniphar (UPR)