Synergy Health acquires US-based BeamOne
The move provides the growing sterilisation services company entry into US market
Provider of specialist outsourced support services Synergy Health plc, has acquired BeamOne LLC for an initial cash consideration of US$35m (£21.5m) together with a deferred cash consideration of up to US$20m (£12.3m) depending on performance for the year ending 1 April 2012.
BeamOne is the largest provider of outsourced, e-beam medical device sterilisation services in the US, and the third largest by revenue. The company has FDA approved sites in San Diego, California; Denver, Colorado; Lima, Ohio; Saxonburg, Pennsylvania; and a fifth site in Costa Rica.
In the year ended 31 December 2010, BeamOne recorded revenues of US$14.3m (£8.8m), a profit before tax of US$2.7m (£1.7m) and had gross assets of $14.9m (£9.1m).
The business is expected to grow strongly having recently opened the new facility in Saxonburg and is doubling its ebeam operations in Costa Rica with new capacity coming on stream in 2012.
The acquisition of BeamOne is Synergy's first expansion into the US sterilisation market, estimated to be worth US$600m p.a. As well as acquiring a well established and growing business in a key market, BeamOne's respected relationships with US-based, global medical device manufacturers, should enable Synergy to deepen further its relationships and capture greater sterilisation business for its operations in Asia, and in particular China, the company says. Furthermore, the acquisition will provide a platform from which Synergy can start to research and develop the provision of central sterilisation services to American hospitals and healthcare providers.
This purchase follows the acquisition in December 2010 of Gamma-Service Prodktbestrahlung GmBH, a German provider of gamma and e-beam sterilisation services to the healthcare and industrial sectors, which enabled Synergy to add electron beam processing to the service offering in mainland Europe and provided entry to other markets in Eastern Europe.
BeamOne's current executive and management groups will remain in place. Glenn Thibault, formerly president and ceo of BeamOne, will be the ceo of Synergy's new Americas Region and Glenn will join the Senior Executive Board.