Last checked at 20 Jul 2017 07:00
Acquisition of Woodbury Holdings
Reading, United Kingdom (20 July 2017)
ConvaTec Group Plc ("ConvaTec"), a leading global medical products and technologies company, has agreed to acquire Woodbury Holdings ("Woodbury" or "The Company"), a US-based independent national distributor of incontinence and catheter-related supplies, from MTS Health Investors LLC for an enterprise value of $120.5 million.
Woodbury provides an extensive array of incontinence and catheter products, as well as nutritional, enteral feeding and vascular compression supplies. The Company has national distribution across the U.S., delivering directly to customers in the home environment.
With this acquisition ConvaTec Americas will create a new home distribution business unit for catheter and incontinence related products, encapsulating the U.S. distribution companies of 180 Medical, Symbius Medical, South Shore Medical Supply, Wilmington Medical Supply and Woodbury Health Products.
"The addition of Woodbury contributes to our growth strategy for the Continence & Critical Care Franchise and builds on the success of our 180 Medical business, which we acquired in 2012. 180 Medical is the largest retailer of intermittent catheters in the U.S. It has a differentiated, proven business model with strong customer focus and satisfaction," said Paul Moraviec, Chief Executive Officer of ConvaTec. "The addition of Woodbury will provide further breadth and reach to our new Home Distribution Group and further consolidate our leading position in this market, expand customer relationships and provide greater choice direct to US consumers."
"ConvaTec, 180 Medical and Woodbury share a common commitment to improving the lives of people with continence issues and a dedication to providing quality products, together with distinctive service and personal support. We look forward to working with our Woodbury colleagues to bring our comprehensive end-to-end suite of services to even more customers."
Woodbury's senior management team will remain with the Company.
Upon completion of the transaction, earnings from Woodbury Holdings will be immediately accretive to the financial accounts of ConvaTec Group Plc.
Enquiries
Analysts and Investors
John Crosse, VP Investor Relations, ConvaTec +44 (0)7500 141 435
Kirsty Law, Director Investor Relations, ConvaTec +44 (0)7470 909 582
investorrelations@convatec.com
Media
Bobby Leach, VP Group Corporate Affairs, ConvaTec +44 (0)7770 842 226
Alastair Elwen, Finsbury +44 (0)207 251 3801
About ConvaTec
ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.
About Woodbury Holdings
Woodbury, founded in 1977 and headquartered in Floral Park, NY, focuses on solving the individual needs of customers with incontinence or other urological conditions. Through its subsidiaries Woodbury Health Products and Wilmington Medical Supply, Inc., the company offers a broad product portfolio of over 500 incontinence and over 650 catheter products, and a wide array of nutritional, enteral feeding and vascular compression products. Woodbury operates with 149 employees, a centralised distribution centre in Wilmington NC and a primary call centre in Bunnell, FL. Woodbury's differentiated engagement and delivery model provides customers with a tailored and seamless solution they can depend on - the right product the right time, the right place. www.woodburyproducts.com / www.wmsuro.com
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