Benchmark International is delighted to announce successful completion of the sale of Sterimedix Ltd to Synergetic USA, Inc. for an initial sum of £8.5m, with an additional gross profit margin earn-out through December 31, 2017.
Based in Redditch, Worcestershire, Sterimedix manufactures and distributes cannulas, needles and other disposable products for ophthalmic and aesthetic procedures. For the fiscal year ended December 31, 2013, Sterimedix generated total revenue of approximately £4.1m.
Synergetics USA, headquartered in Missouri, USA, with offices in France, Germany, Italy and Australia, specialises in the design, manufacture, and marketing of innovative surgical devices for ophthalmic and neurological applications.
Sterimedix’s Managing Director, Ronnie McFarlane, noted, “The Benchmark International team, led by Roger Forshaw, was left by us to negotiate the price entirely. We as a company did not feel adequate to start the negotiations with potential acquirers and, therefore, by using alternative quotes Roger managed to leverage a final offer price from Synergetics USA." He further added, "Roger became personally involved to try to keep the wheels oiled and to keep negotiations going when we became frustrated with the due diligence process. He suggested alternative routes to complete the process and that was certainly a significant benefit to us completing the deal at the end."
On the deal, Benchmark International Associate Director, Roger Forshaw, commented, “This is another great completion for Benchmark International. We were able to source a great buyer from the US, structure a deal that worked for all parties and tightly manage a cross-Atlantic deal to a successful completion. We wish both our clients and the buyer, Synergetics, every success in the future.”
Call Benchmark International today if you are interested in an exit or growth strategy or if you are interested in acquiring.
Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkCorporate.com
Europe: Carl Settle at +44 (0)161 359 4400 / Settle@BenchmarkCorporate.com
Africa: Anthony McCardle at +2721 300 2055 / McCardle@BenchmarkCorporate.com