ConvaTec, the medical products and technologies company that entered the FTSE 100 after becoming the biggest London flotation of 2016, has agreed to acquire Woodbury Holdings, a US distributor of incontinence and catheter-related supplies for $120.5m.
Woodbury, which provides items including incontinence and catheter products, has national distribution across the US, delivering directly to customers at home, reports Sarah Neville, Global Pharmaceuticals Editor.
ConvaTec said the acquisition from MTS Health Investors would create a new home distribution business unit for catheter and incontinence related products. It will take in US distribution companies 180 Medical, Symbius Medical, South Shore Medical Supply, Wilmington Medical Supply and Woodbury Health Products.
Paul Moraviec, ConvaTec chief executive, said: “The addition of Woodbury contributes to our growth strategy for the Continence & Critical Care Franchise and builds on the success of our 180 Medical business, which we acquired in 2012.” 180 Medical was the largest retailer of intermittent catheters in the US, he said.
The addition of Woodbury would provide “further breadth and reach to our new home distribution group and further consolidate our leading position in this market, expand customer relationships and provide greater choice direct to US consumers,” he added. Woodbury’s senior management team will remain with the company.
Source: Financial Times
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