Cantel Medical to Pay $60.8 Million Cash for BHT Group
LITTLE FALLS, N.J., July 31, 2017 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE:CMD), a leading global company dedicated to delivering innovative infection prevention products, services and solutions, announced today that it entered into a definitive agreement to purchase BHT Hygienetechnik Holding GmbH ("BHT Group"), the German market leader in automated endoscope reprocessing and related equipment and services and flexible endoscope repair, for a cash purchase price of approximately $60.8 million on a cash-free and debt- free basis.
For the trailing twelve months ending May 31, 2017, BHT Group reported revenues of $24.5 million. Cantel anticipates the acquisition to be accretive to non-GAAP earnings per share in the fiscal year ending July 31, 2018 and beyond, and accretive to GAAP earnings per share in the fiscal year ending July 31, 2019 and beyond.
The business consists of a portfolio of high-quality automatic endoscope reprocessors, advanced endoscope storage and drying cabinets including the ENDODRY® Storage and Drying System, washer-disinfectors for central sterile applications, associated technical service and parts as well as endoscope repair services.
The BHT Group has nearly 100 employees and a broad commercial sales and service organization as well as manufacturing and engineering, R&D and associated support functions to drive the business.
"Establishing leadership in our international markets is a key component of our strategy and this milestone will help us achieve this goal. The addition of BHT Group will enable us to become the market leader in automated endoscope reprocessors in Germany," stated Jorgen Hansen, President and CEO. "We're excited to combine BHT's expertise and the talent with our Cantel Germany operations. Together we will deliver a market leading portfolio of endoscopy products and services to our customers. This important milestone will also position us well for future growth in Germany as well as add new products with strong global potential."
"BHT Group is an excellent strategic fit with our Endoscopy division and aligns well with the growth aspirations outlined in our strategic plan," stated Dave Hemink, President, Medivators, the Company's Endoscopy division. "ENDODRY® Cabinets are an essential part of our future growth profile, and integrating this franchise into our portfolio will enable us to continue to innovate critical infection prevention products worldwide."
Subject to customary closing conditions, Cantel expects the transaction to close at the end of August 2017.
About Cantel Medical
Cantel Medical is a leading global company dedicated to delivering innovative infection prevention products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Our products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates, hollow fiber membrane filtration and separation products. Additionally, we provide technical service for our products.
For further information, visit the Cantel website at www.cantelmedical.com.
Medivators, a Cantel Medical Company, is a medical technology innovator of life-impacting solutions for over 35 years. Medivators provides a full circle of infection prevention solutions through a comprehensive offering in two critical areas: endoscope reprocessing and endoscopy procedure products. The company's endoscope reprocessing products include a full range of endoscope reprocessing systems, high-level disinfectants and sterilants, detergents, leak testing and manual cleaning products, storage cabinets, endoscope process tracking and related consumables, accessories and supplies.
Medivators offerings improve healthcare and touch millions of lives in over 30 countries.
For more information please visit www.medivators.com
About BHT Group
BHT Group is the parent company of BHT Hygienetechnik GmbH and ESCAD Medical GmbH. BHT Hygienetechnik is the leading German manufacturer of automated endoscope reprocessors and instrument washer disinfectors and related service and accessories. ESCAD Medical specializes in high-quality endoscope storage and drying solutions as well as flexible endoscope repair services. For more information please visit https://bht.de/en and http://www.escad-medical.com/en/start/.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel's filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
SOURCE Cantel Medical Corp.