Group chief executive, Dr Karsten Wellner says, "The acquisition is the latest in our targeted growth strategy and brings our total investment in the last two years to over R1.6 billion, delivering on our deliberate strategy of combining mature, well managed, resilient and health brands with exciting growth potential in South Africa, as well as globally."
"Surgical Innovations is a fast growing medical device distributor, specialising in the state of the art high-tech surgical device needs of South African surgeons. It employs more than 130 staff and has achieved compound annual growth in revenue of around 20% over the last three years. The purchase consideration includes three earn out payments with certain growth targets over the next three years."
Surgical Innovations holds key agencies for surgical and other medical equipment on an exclusive basis, which further enhances the company's positioning to service hospitals, clinics and government tenders. All of the top and middle management, including the ongoing support from the key overseas principals, have been secured going forward. By leveraging the company's existing health and care platforms, it intends to assist the new acquisition in becoming a leading provider of medical devices throughout South Africa, to both private and government hospitals, through strengthening its current position, increased market penetration in current speciality areas, additional product lines as well as further carefully considered strategic acquisitions.
Ascendis consists of three core divisions catering for preventive as well as interventionist healthcare requirements - these are Consumer Brands (over-the-counter medicines, vitamins, sports nutrition and specialist skin care products), Pharma-Med (prescription drugs and medical devices) and Phyto-Vet (plant and animal health and care). The new acquisition is an essential component into its Pharma-Med Division and will be used as platform for further acquisitive and organic growth for high value-add specialised medical devices.
"We are excited about the addition, as it reflects the kind of well known brands that we are currently evaluating via a strong deal pipeline which is allowing us to develop our market position and become a leading player in the local and international health and care sector," concludes Wellner.
For more information, go to www.ascendis.co.za.
