C.R. Bard (NYSE:BCR) said yesterday that it closed the $181 million acquisition of Liberator Medical (NYSE:LBMH), a direct-to-consumer distributor of durable medical equipment.
The deal called for Murray Hill, N.J.-based Bard to pay $3.35 per share for Liberator, a 36% premium over Liberator’s 90-day average closing price through Nov. 19, 2015, the day before the deal was announced.
At the time, Bard said its share of the Stuart, Fla.-based distributor’s offering is small and that it intends to continue to distribute other companies’ products through Liberator.
“This acquisition is a key building block in our strategy to access faster growing markets. As the population ages and more healthcare is expected to occur outside of the hospital setting, we believe that having direct access to the patient in the home is strategically important. We look forward to adding a strong distribution platform with potential for future growth to our product and technology platforms. We also look forward to continuing to work with the other manufacturers that are part of Liberator’s product offering,” chairman & CEO Timothy Ring said at the time.
Bard said last year that it expects the merger to provide a slight boost to adjusted earnings per share next year, on sales of roughly $70 million. In 2017, the Liberator business is expected to add 5¢ to 10¢ to adjusted EPS and contribute to organic sales growth.