Exactech, Inc. to Acquire France Medica; Opens Direct Distribution Operations in Japan
Published: Feb 27, 2008
GAINESVILLE, Fla.--(BUSINESS WIRE)--Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today the opening of a wholly-owned distribution subsidiary in Japan and the planned acquisition of a distribution subsidiary in France. Japan and France are two of the largest orthopaedic device markets outside the United States. Exactech said it will acquire the stock and assets of France Medica SAS, a Strasbourg-based importer and distributor of orthopaedic products and surgical supplies. The total purchase price is projected to be 6.8 million to 7.1 million euros. Exactech expects France Medica’s full year 2008 revenues will be approximately 8.0 million euros. The purchase price for France Medica involves 5.4 million euros to be paid upon closing and 1.4 million to 1.7 million euros in earn-out payments based on the performance of France Medica over the next two years. Exactech expects the transaction to be neutral to earnings in 2008 and accretive in 2009. The closing is expected to be completed in the second quarter of 2008.