Wed, 04 Jan 2017 | BUSINESS SALE
UK medical device maker ConvaTec has branched out into Europe with the €25 million (£21 million) acquisition of Dutch rival EuroTec - its first purchase since floating on the FTSE 100 last year.
ConvaTec, which employs more than 9,000 people, is looking to focus on the growing ostomy market, which is set to reach $3.4 billion by 2021, driven by an ageing population and a rise in chronic conditions.
EuroTec, founded in 1996, is the only maker of stoma products in the Netherlands, manufacturing ostomy systems and accessories from its production facilities in Roosendaal.
The deal, which also includes those production facilities, will “significantly strengthen” ConvaTec’s ostomy business in France's Benelux region, said Paul Moraviec, ConvaTec chief executive officer.
“ConvaTec and EuroTec share a common commitment to improving the lives of people with stomas and a dedication to providing quality products, excellent service and personal support,” he added.
“We look forward to working with our EuroTec colleagues to inspire more ostomates to live the life they want.”
ConvaTec, which floated on the FTSE 100 last October, makes devices to help people with chronic conditions, as well as products for wound care, incontinence and critical care. The company is owned by Nordic Capital and Avista Capital Partners.
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