Business
Acquisition of Albyn Medical S.L.
Acquisition of Albyn Medical S.L..
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 9510T\n Creo Medical Group PLC\n 24 July 2020\n \n \n \n \n Creo Medical Group plc\n \n \n (\"Creo\" or the \"Company\")\n \n \n \n \n \n Acquisition of Albyn Medical S.L. \n \n \n Supplier of specialist healthcare products adds European commercial platform to Creo\n \n \n \n \n \n Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, announces the acquisition of Albyn Medical S.L. (\"Albyn Medical\"), a European specialist in the supply and manufacture of Gastroenterology, Urology and Endoscopy products to healthcare providers, for an equity value of €24.8m plus up to €2.7m of performance related consideration payable over the next two years.\n \n \n \n \n \n Synergistic acquisition that provides immediate market access\n \n \n With a sales and marketing team of nearly 40 people and a direct presence in Spain, France, Germany and the UK, the acquisition of Albyn Medical fits with the strategy set out by Creo at the time of its fundraising last year and provides it with a commercial and distribution platform to accelerate the development of its business in Europe. Albyn Medical focuses on \n gastrointestinal\n (\n \"\n GI\") products and the acquisition provides a direct route-to-market for Creo's full suite of CE marked GI advanced energy devices.\n \n \n \n \n \n Acquisition synergies\n \n \n ·\n Albyn Medical sells its own and third-party consumables and systems with 90% of revenues derived from GI endoscopy products\n \n \n ·\n Albyn Medical is a respected name in GI endoscopy and Urology with commercial relationships with doctors and hospitals across key European territories\n \n \n ·\n The acquisition adds a highly complementary product range, expanding the GI product suite and providing an opportunity to broaden into Urology\n \n \n ·\n Following the recent expansion of the Creo team and in combination with Albyn Medical's sales and marketing footprint, the enlarged business will have a 175 strong team, with direct operations in five countries \n \n \n · \n Acquisition combines deep global intellectual property, innovation, engineering and a pioneering product range from Creo, with an extensive sales, service, logistics, production and export capability of Albyn Medical\n \n \n \n \n \n Trans...