(Alliance News) - Venture Life Group PLC has acquired women's health and diabetes management company BBI Healthcare Ltd for up to GBP36 million, it said on Monday
The GBP36 million deal will see Venture Life pay GBP35 million in cash on completion and a deferred payment of a further GBP1 million, payable on receipt of US Food & Drug Administration approval for a new women's health product for the US market.
Bracknell, England-based Venture Life develops, manufactures and distributes products for the consumer self-care market.
"I am delighted to announce the acquisition of BBIH. This is a strong and significant strategic acquisition, and is expected to be immediately earnings enhancing for Venture Life," said Chief Executive Jerry Randall.
"BBIH is a well-established, growing and profitable consumer healthcare business, with a strong offering both of its own brands and also customer brands.
"This exciting and growing business is primed for more growth in our hands."
The acquisition of BBI Healthcare is from BBI Diagnostics Group Ltd, a company ultimately owned by Exponent Private Equity.
Based in Crumlin, South Wales, BBI Healthcare has a manufacturing facility in Gnesta, Sweden and last year generated annual adjusted earnings before interest, tax, depreciation and amortisation of GBP2.6 million on revenue of GBP10.2 million.
Venture Life shares were up 1.2% at 90.09 pence each in London on Monday.
By Will Paige; willpaige@alliancenews.com
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Venture Life (VLG)