Surgical Specialties to Acquire German Needle and Suture Manufacturer.
M2 EQUITYBITES-January 27, 2016-Surgical Specialties to Acquire German Needle and Suture Manufacturer
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27 January 2016 - US-based medical device maker Surgical Specialties Corp has acquired all shares of German needle and suture maker FSSB Chirurgische Nadein GMBH and affiliated entities, the companies said.
Terms were not disclosed.
The acquisition will be immediately accretive to both Surgical Specialties' sales and adjusted EBITDA.
FSSB was founded in 1995 by current managing directors Henry Frenzel and Joachim Brohammer and two others.
They provide a range of needles for use in surgery including micro, ophthalmic and standard surgical needles.
FSSB also works with partners to attach the needles to sutures used in ophthalmic, cardiovascular and sternotomy procedures. FSSB has developed highly automated and proprietary manufacturing technology that produces needles.
The acquired company is headquartered in Jestetten, Germany with manufacturing in Jestetten and a larger manufacturing plant in Poessneck, Germany.
Surgical Specialties financed the transaction through a new USD 147m commercial banking facility.
The company has developed and manufactured branded, private label and OEM surgical instruments for over 40 years.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 27, 2016|
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