Cantel Medical Acquires Medical Innovations For $79.5 Mln In Cash

(RTTNews) - Cantel Medical Corp. (CMN) Monday said it has acquired Medical Innovations Group Holdings Limited, a UK-based medical device company, for $79.5 million in cash. Medical Innovations provides endoscope storage and transport systems in the UK and internationally.

Cantel Medical expects the acquisition to be accretive to adjusted earnings per share in the fiscal year ending July 31, 2016 and beyond, and accretive to GAAP earnings per share in the fiscal year ending July 31, 2017 and beyond.

Medical Innovations has got a market leading short-term scope transport system, CleanaScope, as well as its recently launched novel SureStore long-term endoscope storage system.

The company provides high-quality infection prevention solutions related to the safe transport and storage of endoscopes throughout the healthcare setting. Medical Innovations also sells single-use endoscopy consumables, high-quality mobile cart systems and patient transport solutions.

For the latest twelve months ending June 30, Medical Innovations had reported revenues and adjusted earnings before interest, taxes, depreciation and amortization of $28.1 million and $7.6 million, respectively, at current exchange rates.