16th May 2014 07:17
LONDON (Alliance News) - Synergy Health PLC said Friday that that it had acquired Italy's Bioster SpA and its associated companies for EUR29.0 million, to be funded from its existing debt facilities.
Bioster, like Synergy Health, provides sterlisation facilities and services to the medical device and healthcare sector. It posted revenues of EUR20.2 million in 2013, and underlying earnings before interest and tax of EUR2.6 million.
The acquisition is expects to be earnings enhancing in the current financial year, Synergy said, and strengthens its offering in Europe.
"We are looking forward to working with the staff and management of the Bioster Group to build on their reputation for delivering service excellence, and looking forward to expanding the partnership with their customers," said Chief Executive Richard Steeves in a statement.
Shares in Synergy were trading down 0.3% at 1,220.00 pence Friday , shortly after market open.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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