Acquisition of Boucart Medical SRL

Belgium based supplier of GI Endoscopy products complements Albyn Medical’s product range

Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, is pleased to announce the acquisition of Boucart Medical SRL (“Boucart Medical”), the largest independent supplier of gastrointestinal (GI”) endoscopy consumables in Belgium and Luxembourg, for an initial consideration of €4.5 million in cash (subject to closing adjustments for cash, debt and working capital) 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. (“Albyn Medical”) 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.

Boucart Medical is being acquired by Creo’s subsidiary Albyn Medical.

For further information on Boucart Medical visit: www.boucartmedical.com/en

Posted 11/03/20

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