Creo Medical has today announced the acquisition of Albyn Medical S.L. (“Albyn Medical”), a European specialist in the supply and manufacture of Gastroenterology, Urology and Endoscopy products to healthcare providers, for an equity value of €24.8m plus up to €2.7m of performance related consideration payable over the next two years.
Synergistic acquisition that provides immediate market access
With a sales and marketing team of nearly 40 people and a direct presence in Spain, France, Germany and the UK, the acquisition of Albyn Medical fits with the strategy set out by Creo at the time of its fundraising last year and provides it with a commercial and distribution platform to accelerate the development of its business in Europe. Albyn Medical focuses on gastrointestinal (“GI”) products and the acquisition provides a direct route-to-market for Creo’s full suite of CE marked GI advanced energy devices.
Acquisition synergies
Transaction highlights & Financials
Albyn Medical was established in 1985 in Scotland, originally developing computer based Urodynamics and GI Motility systems. Now based in Navarra, Spain and with additional operations in the UK, France and Germany, Albyn Medical specialises in the manufacture and supply of systems and consumables for the Urology / Gynaecology, and GI endoscopy markets. A key attraction of Albyn Medical is that it also distributes third-party products within these fields, either under its own label or as third party branded products. Albyn Medical has a total of 85 employees, including a 40 strong sales and marketing team to support sales in the UK, Spain, France and Germany, and an extensive international distributor network.
Albyn Medical’s product range covers diagnostic, therapeutic and hygiene / cross-contamination control to customers including hospitals, hospital groups and doctors’ offices across both state and private sectors. Its own brand of GI products includes a range of biopsy forceps, snares, catheters, tubes and valves, as well as distributing a wide range of diagnostic and therapeutic endoscopy devices. Albyn Medical also has a range of endoscope cleaning, sterilisation, and storage products, as well as endoscopic accessories for hospitals. GI products account for 90% of Albyn Medical’s sales, with 10% of revenues derived from its own developed urology products and partner urology sales.
Over the last 18 years, Luis Collantes, Albyn Medical President, has succeeded in building Albyn Medical into a successful business, leveraging his energy and reputation in the industry in Europe to grow a resilient company, delivering great service and support to Albyn Medical’s customers and a consistent and valuable business to Albyn Medical’s suppliers. The Directors believe that the complementary nature of Creo’s product range with Albyn Medical’s product portfolio provides a clear opportunity to grow both businesses in the coming years.
Creo’s suite of CE-marked advanced energy devices are optimised to utilise Bipolar radiofrequency (RF) and High frequency microwave (MW) energy for the core tissue effects of dissection, resection, haemostasis and ablation, and form the basis of four individual device platforms as detailed below:
Creo expects to introduce the devices into clinical practice and for commercialisation across Europe to commence in the second half of this year. Luis Collantes, President of Albyn Medical, commented:
I am very pleased to join forces with Creo Medical as we enter a new exciting growth phase for our business. Over the last 25 years, we have established a world-class business focussed on the development of a portfolio of third party and own brand medical devices supplying a global client base of partners and distributors. Combining this with the exciting new advanced energy devices at the heart of Creo, provides an excellent opportunity to continue the work Albyn Medical has undertaken to date and to advance the commercial roll-out of Creo’s complementary product range.
Craig Gulliford, CEO of Creo, commented:
Albyn Medical is an exceptionally good fit with Creo. The enlarged business brings together a wide range of highly complementary GI products, with an opportunity to broaden the portfolio into Urology, and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices. I am delighted to welcome Luis and his team to the Creo family and we are all looking forward to working together to radically transform the way flexible endoscopy is used in Europe.
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