Business
Strategic acquisition of Airon Corporation
Strategic acquisition of Airon Corporation.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \nInspiration Healthcare Group plc\n(\"Inspiration Healthcare\" or the \"Company\" or the \"Group\")\n \nLaunch of Inspiration Healthcare's USA platform through\nstrategic acquisition of Airon Corporation\nHighlights\n· Provides an established platform to accelerate Inspiration Healthcare's commercial strategy in the USA and the rest of North America\n· Adds a complementary portfolio of FDA cleared products\n· Acquisition expected to be earnings accretive in the second full year of ownership\n \nInspiration Healthcare (AIM: IHC), the global medical technology company, announces the acquisition of Airon Corporation (\"Airon\") a specialist respiratory device company based in Florida, USA for a maximum consideration of $2.5m. The consideration includes an initial upfront cash payment of $1.5m plus an earn out of up to $1.0m dependent on the delivery of future revenues.\n \nOverview of Airon\nAiron is a leading manufacturer of specialist pneumatic oxygen-powered life support ventilators, which have multiple uses including in Magnetic Resonance Imaging (MRI) machines and transportation for neonates through to adults. The company also sells a complementary range of continuous positive airway pressure (\"CPAP\") devices, used in emergency medicine to support children and adult patients. Airon has 15 employees, including sales, marketing and tech support, and an established distribution network across the USA. In the year to 30 April 2023, Airon generated total revenues of $1.4m, a loss before tax of $0.4m and net assets of $1.3m.\n \nStrategic rationale for the acquisition\nThe acquisition is in line with Inspiration Healthcare's long-term strategy to acquire companies with both complementary technologies and sales reach to expand the Group's global footprint, add scale and accelerate growth. The USA is a significant strategic market for the Group ...