Halma swoops in with £72m deal to acquire US surgical innovations firm

British safety equipment maker Halma has entered into an intial $89.1m (£72m) deal to acquire the Tedan group of companies, a US surgical innovations firm, further enhancing its global presence.

Comprising of four separate companies — TeDan Surgical Innovations, Inc., West Coast Surgical, LLC, Axcess Surgical Innovations, LLC and TeDan Surgical Innovations GmbH — the US attributes to much of Tedan’s sales.

When adjusted for tax benefits, the net initial consideration of the acquisition is approximately $79.3m (£64m).

Marc Ronchetti, group chief executive of Halma, said: “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.”

Based on Tedan’s performance in the period to June 2024, an additional earn-out consideration of up to $10.9m (£9m) in cash is payable.

With an unaudited revenue for the year to 31 March being $29.2m (£24m), Tedan has a Return on Sales above the “upper end” of Halma’s target range of 18 to 22 per cent.

Danny Fishman, chief executive of Tedan, said: “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 US and internationally. Together, we share a common purpose of ensuring a healthier future for everyone, every day.”