The move is a bid to expand Cantel’s footprint in international markets, according to a press release. PuriCore International put up revenues of roughly $25 million last year, according to the release.
"A key element of our growth strategy is to expand our scale and presence in international markets. The acquisition of the PuriCore endoscopy business is an important step in our effort to make Cantel Medical a truly global company," Cantel Medical president & CEO Andrew Krakauer said in prepared remarks.
"The PuriCore endoscopy business has a highly accomplished team, a complimentary product portfolio and a well-established customer base in the UK market," added COO Jorgen Hansen. "This acquisition will bring to the Medivators portfolio a state of the art pass-through AER platform which we believe is critical to our continued success in the UK and Europe."
Cantel said it expects the PuriCore business to post "significant" sales and profit growth over the next several years and to be "slightly accretive" its earnings per share during fiscal 2015 and accretive thereafter. The deal is expected to close June 30, according to the release.
In a separate release, Cantel reported profits of $10.2 million, or 25¢ per share, on sales of $120.1 million for its fiscal 3rd quarter ended April 30, for profit growth of 13.9% on sales growth of 14.3%.