Surgical Innovations Group PLC Acquisition (4371O)
07 November 2016 - 6:00PM
UK Regulatory
TIDMSUN
RNS Number : 4371O
Surgical Innovations Group PLC
07 November 2016
7 November 2016
Surgical Innovations Group plc
("SI Group")
Acquisition
Surgical Innovations Group plc (AIM: SUN), the designer and
manufacturer of innovative medical technology for minimally
invasive surgery, has completed the acquisition of the laparoscopic
instruments business and related assets of Surgical Dynamics
Limited ("SDL") for a cash consideration of approximately GBP0.36m,
including assumed debt of not greater than GBP0.05m. Consideration
will be funded from existing cash resources.
SDL is a privately owned company based in County Durham, and
specialises in the design, development and rapid prototyping of a
range of medical products. Revenues for the year ended 31 December
2015 amounted to GBP0.12m and loss before tax was GBP0.17m. In
addition to these development activities, SDL has introduced
specialist production processes including metal injection moulding
of medical components, which are of particular relevance to SI
Group and others in this sector.
Following this transaction, all of SDL's business in the
production and distribution of single-use laparoscopic products
will be relocated to the SI Group site at Leeds, and SDL has
undertaken to offer any new products developed in the laparoscopic
field exclusively to SI Group for a minimum period of three
years.
Managing Director of SI Group, Melanie Ross, commented: "We are
delighted to be working with SDL and its owners to further broaden
our product portfolio, and bring additional precision manufacturing
techniques to our facility at Leeds. This is an exciting
opportunity to increase our appeal to distributors and end-user
customers across a number of geographical markets, and will further
enhance our competitive position in the UK and elsewhere. This is
the first acquisition by SI Group following board changes over the
last twelve months, and we continue to seek further opportunities
to build on our expanding market presence."
For further information please contact:
Surgical Innovations Group www.sigroupplc.com
Plc
Nigel Rogers, Executive Tel: 0113 230 7597
Chairman
Melanie Ross, Group FD & Managing
Director, SI Ltd
WH Ireland Limited (NOMAD
& Broker)
James Joyce / Ed Kennedy Tel: 020 7220 1666
(Nomad)
Walbrook PR (Financial Tel: 020 7933 8780 or si@walbrookpr.com
PR & Investor Relations)
Paul McManus Mob: 07980 541 893
Natalie Bruce Mob: 07884 666 994
This information is provided by RNS
The company news service from the London Stock Exchange
END
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