24th Jul 2020 16:06
(Alliance News) - Creo Medical Group PLC on Friday said it has bought European specialist health care technology provider Albyn Medical SL, for EUR24.8 million with an additional EUR2.7 million in performance related pay to follow in the next two years.
The Chepstow, Wales-based company said the acquisition runs in line with the company's goal of developing its business in Europe, as Albyn is headquartered from Spain with operations in France, Germany and the UK.
"Albyn Medical focuses on gastrointestinal products and the acquisition provides a direct route-to-market for Creo's full suite of CE marked GI advanced energy devices." said Creo.
The new company will also help Creo diversify into urology related technologies as Albyn have a "highly complementary product range" in this area where Creo is lacking.
Following the expansion both companies will amass a team of 175 employees operating directly in five countries.
Prior to the acquisition Albyn's pre tax profit was EUR1.7 million for the year ended September 30, 2019, although the company will retain a net debt of EUR4.3 million.
Creo shares were up 0.8% at 202.50 pence each on Friday afternoon in London.
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