LONDON: Creo Medical Group announced the acquisition of Boucart Medical SRL, the largest independent supplier of gastrointestinal (GI) endoscopy consumables in Belgium and Luxembourg, for an initial consideration of €4.5 million in cash plus up to €0.5 million of performance related consideration payable in cash over the next two years.
Boucart Medical, founded in 1991, is a well-established supplier of medical devices for the GI market, distributing third-party products to hospitals across Belgium and Luxembourg for 30 suppliers.
Boucart Medical distributes a range of GI products similar to that distributed by Albyn Medical S.L. which was acquired by Creo in July this year, and has a particular focus on introducing innovative devices to its hospital network.
For the year ended 31 December 2019, Boucart Medical recorded an EBITDA of €0.7 million and PBT of €0.6 million. Both revenues and earnings have grown each year over the last five-year period. As at 31 December 2019, Boucart Medical had gross assets of €2 million and employs 10 staff predominantly in sales and marketing functions.
Following the acquisition of Boucart Medical, the Company now has a direct sales presence in the key markets of Spain, France, Germany, the UK, the USA, Belgium and Luxembourg providing Creo with a strong commercial platform to facilitate the roll-out of its full suite of CE marked GI advanced energy devices.
Craig Gulliford, CEO of Creo, commented: “This latest acquisition is an important addition to the commercial and distribution platform established through the Albyn Medical acquisition in July and will accelerate the development of our business in Europe. Albyn and Boucart combined provides us with an extensive European marketing and sales capability to support the roll-out of our full suite of CE marked GI advanced energy devices.”
Luis Collantes, Albyn Medical President, said: “Boucart Medical is a natural fit with the Albyn Medical offering and neatly complements our established European footprint. Their business, like ours, is focussed around a sales driven culture with an experienced team in the sector who have built up a loyal network of customers. This is an excellent entry point into the Belgium and Luxembourg markets for the wider range of innovative products we have across the enlarged group.”
Creo Medical, founded in 2003, is a medical device company focused on the development and commercialisation of minimally invasive surgical devices, by bringing advanced energy to endoscopy.
The Company’s mission is to improve patient outcomes by applying microwave and RF energy to surgical endoscopy. Creo has developed CROMA, an electrosurgical Advanced Energy Platform that combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. This technology provides clinicians with flexible, accurate and controlled surgical solutions.
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