Sterimedix Ltd acquired by Synergetics USA
Benchmark International is delighted to announce successful completion of the sale of Sterimedix Ltd to Synergetic USA, Inc. for an initial sum of £8.5m, with an additional gross profit margin earn-out through December 31, 2017.
Based in Redditch, Worcestershire, Sterimedix manufactures and distributes cannulas, needles and other disposable products for ophthalmic and aesthetic procedures. For the fiscal year ended December 31, 2013, Sterimedix generated total revenue of approximately £4.1m.
Synergetics USA, headquartered in Missouri, USA, with offices in France, Germany, Italy and Australia, specialises in the design, manufacture, and marketing of innovative surgical devices for ophthalmic and neurological applications.
Sterimedix’s Managing Director, Ronnie McFarlane, noted, “Sterimedix’s portfolio of innovative surgical products for the ophthalmic and aesthetics markets represents a compelling fit within Synergetics’ comprehensive portfolio of proprietary products.” He added, “We look forward to expanding our business by leveraging Synergetics’ growing sales and distribution presence in the UK, and we expect our company to enhance Synergetics’ operations in the United Kingdom, Continental Europe and North America going forward.”
On the deal, Benchmark International Corporate Finance Director, Nick Hume commented, “This is another great completion for Benchmark International’s Corporate Finance team. We were able to source a great buyer from the US, structure a deal that worked for all parties and tightly manage a cross-Atlantic deal to a successful completion. We wish both our clients and the buyer, Synergetics, every success in the future.”