British medical device company Creo Medical has acquired Spanish gastroenterology, urology and endoscopy specialist Albyn Medical for €24.8m (US$29.1m).
In a statement, Creo said that 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 is an exceptionally good fit with Creo. The enlarged business brings together a wide range of highly complementary GI products, with an opportunity to broaden the portfolio into Urology, and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices,” said Creo chief executive Craig Gulliford.
Albyn Medical was established in 1985 in Scotland, originally developing computer-based urodynamics and GI motility systems. Now based in Navarra, Spain and with additional operations in the UK, France and Germany, Albyn Medical specialises in the manufacture and supply of systems and consumables for the urology/ gynaecology, and GI endoscopy markets.
Earlier this year it acquired endoscopy devices producer Endo-Technik from Duke Street-owned MediGlobe.
As at 30 September, Albyn Medical had gross assets of €15.4m and EBITDA of €2.4m.
Albyn president Luis Collantes will remain with the business, joining the Creo senior management team in a non-board capacity.