Acquisition of Boucart Medical SRL

RNS Number : 0151E

Creo Medical Group PLC

03 November 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 Creo Medical Group plc

("Creo" or the "Company")

Acquisition of Boucart Medical SRL

Belgium based supplier of GI Endoscopy products, complementing Albyn Medical's product range

Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, is pleased to announce the acquisition of Boucart Medical SRL ("Boucart Medical"), the largest independent supplier of gastrointestinal ("GI") endoscopy consumables in Belgium and Luxembourg, for an initial consideration of €4.5 million in cash (subject to closing adjustments for cash, debt and working capital) plus up to €0.5 million of performance related consideration payable in cash over the next two years.

Boucart Medical, founded in 1991, is a well-established supplier of medical devices for the GI market, distributing third-party products to hospitals across Belgium and Luxembourg for 30 suppliers. Boucart Medical distributes a range of GI products similar to that distributed by Albyn Medical S.L. ("Albyn Medical") which was acquired by Creo in July this year, and has a particular focus on introducing innovative devices to its hospital network.

For the year ended 31 December 2019, Boucart Medical recorded an EBITDA of €0.7 million and PBT of €0.6 million. Both revenues and earnings have grown each year over the last five-year period. As at 31 December 2019, Boucart Medical had gross assets of €2 million and employs 10 staff predominantly   in sales and marketing functions.

Following the acquisition of Boucart Medical, the Company now has a direct sales presence in the key markets of Spain, France, Germany, the UK, the USA, Belgium and Luxembourg providing Creo with a strong commercial platform to facilitate the roll-out of its full suite of CE marked GI advanced energy devices.

Boucart Medical is being acquired by Creo's subsidiary Albyn Medical.

For further information on Boucart Medical visit: www.boucartmedical.com/en

Craig Gulliford, CEO of Creo, commented: "This latest acquisition is an important addition to the commercial and distribution platform established through the Albyn Medical acquisition in July and will accelerate the development of our business in Europe. Albyn and Boucart combined provides us with an extensive European marketing and sales capability to support the roll-out of our full suite of CE marked GI advanced energy devices."

Luis Collantes, Albyn Medical President, said: "Boucart Medical is a natural fit with the Albyn Medical offering and neatly complements our established European footprint. Their business, like ours, is focussed around a sales driven culture with an experienced team in the sector who have built up a loyal network of customers. This is an excellent entry point into the Belgium and Luxembourg markets for the wider range of innovative products we have across the enlarged group."

Enquires:

Creo Medical Group plc	www.creomedical.com
Richard Rees (CFO)	[phone]
Cenkos Securities plc	[phone]
Stephen Keys / Cameron MacRitchie (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus / Lianne Cawthorne	Mob: [phone]

About Creo Medical  

Creo Medical, founded in 2003, is a medical device company focused on the development and commercialisation of minimally invasive surgical devices, by bringing advanced energy to endoscopy.  The Company's mission is to improve patient outcomes by applying microwave and RF energy to surgical endoscopy.  Creo has developed CROMA, an electrosurgical Advanced Energy Platform that combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation.  This technology provides clinicians with flexible, accurate and controlled surgical solutions.  

The Company's strategy is to bring its CROMA Advanced Energy Platform powered by its unique full spectrum kamaptive technology to market, enabling a suite of medical devices which the Company has designed, initially for the emerging field of GI therapeutic endoscopy, an area with high unmet needs. The CROMA Advanced Energy Platform will be developed further for bronchoscopy and laparoscopy procedures. The Company believes its technology can impact the landscape of surgery and endoscopy by providing a safer, less-invasive and more cost-efficient option of treatment.  An overview of the Creo Medical device technology portfolio can be seen here: 

https://www.rns-pdf.londonstockexchange.com/rns/8918P_1-2020-6-14.pdf  

For more information about Creo Medical please see our website, www.creomedical.com

 

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