TIDMHLMA
RNS Number : 8854T
Halma PLC
20 November 2023
Halma plc ('Halma' or the 'Group')
Acquisition
Halma, the global group of life-saving technology companies,
today announces that it has acquired the TeDan group of companies
(TeDan), comprising the separate companies of TeDan Surgical
Innovations, Inc., West Coast Surgical, LLC, Axcess Surgical
Innovations, LLC and TeDan Surgical Innovations GmbH.
Headquartered in Houston, Texas and Half Moon Bay, California,
USA, TeDan is a global leader in innovative surgical access
systems, which it develops, manufactures and supplies to surgeons
for use in a range of acute therapeutic procedures. Its primary
market is access systems for spinal surgery, and the USA accounts
for the majority of its sales. Further information on TeDan is
given in the notes at the end of this announcement.
The initial cash consideration for TeDan is US$89.1m
(approximately GBP72m), on a cash- and debt-free basis, which will
be funded from Halma's existing facilities. When adjusted for tax
benefits with a net present value of approximately US$9.8 million
(approximately GBP8 million), the net initial consideration is
approximately US$79.3 million (approximately GBP64 million). An
additional earn-out consideration of up to US$10.9m (approximately
GBP9m) is payable in cash, based on TeDan's performance in the
period to June 2024.
TeDan's consolidated unaudited revenue for the 12 months to 31
March 2023 was US$29.2m (approximately GBP24m), and TeDan has a
Return on Sales above the upper end of Halma's target range of
18-22%. TeDan will be a standalone company in Halma's Healthcare
sector, led by its current management team.
Danny Fishman, Chief Executive Officer of TeDan, commented:
"World spending on healthcare is increasing as demand continues to
grow, especially as the number of people over 60 has reached more
than one billion. For over ten years, TeDan has been at the
forefront of surgical access innovation, creating an improved
experience for surgeons in the operating room and better outcomes
for patients. Joining Halma will help us to grow and invest in the
U.S. and internationally. Together, we share a common purpose of
ensuring a healthier future for everyone, every day."
Marc Ronchetti, Group Chief Executive of Halma, commented:
"TeDan further extends the technologies and capabilities of our
Healthcare sector in the treatment of patients in acute therapeutic
settings. TeDan's growth is supported by the growing need for
surgical treatment as populations age and as lifestyles evolve and
by the development of innovative new surgical procedures which
improve efficiency and standards of care. We are delighted to
welcome the TeDan team to Halma and look forward to working with
them to expand their global impact."
For further information, please contact:
Halma plc
Marc Ronchetti, Group Chief Executive +44 (0)1494 721111
Steve Gunning, Group Chief Financial Officer
Charles King, Head of Investor Relations +44 (0) 7776 685948
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796 013
MHP
Oliver Hughes / Rachel Farrington / Ollie Hoare +44 (0)20 3128 8100
A copy of this announcement, together with other information
about Halma, is available at www.halma.com .
About Halma
Halma is a global group of life-saving technology companies,
focused on growing a safer, cleaner, healthier future for everyone,
every day. Its purpose defines the three broad markets it operates
in:
-- Safety - Protecting people's safety and the environment as
populations grow, and enhancing worker safety.
-- Environment - Addressing the impacts of climate change,
pollution and waste, protecting life-critical resources and
supporting scientific research.
-- Health - Meeting the increasing demand for better healthcare
as chronic illness rises, driven by growing and ageing populations
and lifestyle changes.
It employs over 8,000 people in more than 20 countries, with
major operations in the UK, Mainland Europe, the USA and Asia
Pacific. Halma is listed on the London Stock Exchange (LON: HLMA)
and is a constituent of the FTSE 100 index.
Halma has been named as one of Britain's Most Admired Companies
for the past five years.
For more information www.halma.com
Further information on TeDan
The TeDan group of companies today comprises four distinct
companies:
-- TeDan Surgical Innovations, which develops and supplies surgical access systems;
-- West Coast Surgical, which manufactures these systems,
offering complete design, manufacturing, and production assembly of
surgical devices and instrumentation;
-- Axcess Surgical Innovations, which manufactures flexible and
rigid arms and retractor systems for surgical applications; and
-- TeDan Surgical Innovations GmbH, a new company, recently
formed in response to growing demand and business expansion in
Europe.
TeDan has a portfolio of over 35 surgical access, exposure,
holding and instrumentation devices, which are sold both to leading
medical device manufacturers, and under their own brand. Each of
these devices is designed for a specific medical implant or
surgical procedure, in close partnership with their medical device
manufacturing customers.
TeDan's devices are used primarily in spinal procedures, where
TeDan's products have a leading market position, as well as in
neurological, cardiac and orthopaedic surgeries.
TeDan has 16 active patents and 3 pending patents relating to
its products.
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END
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