Coloplast (CPH:COLO B) said today it inked a definitive agreement to purchase urological device supplier Comfort Medical for $160 million.
Comfort Medical is a direct-to-consumer dealer of durable medical equipment including catheters and ostomy supplies, and Coloplast said the acquisition “is a continuation” of its ambition to bring innovative products and services to the US market.
“The acquisition of Comfort Medical fits very well into our overall consumer ambition for Coloplast in the US, securing continued access to innovative technology for end users. Comfort Medical has a strong patient acquisition model and an efficient and scalable setup in addition to a strong management team with a good cultural fit to Coloplast. I am excited about the future prospects of our US business and view this acquisition as an additional building block in the implementation of our US strategy,” Coloplast CEO Lars Rasmussen said in a press release.
Comfort Medical is expected to report sales of approximately $38 million, according to Coloplast, for the full-year 2016.
The acquisition is expected to close in the 1st quarter of its fiscal year 2016/2017. Coloplast said its guidance for the year would go mostly unchanged upon closure.
In August, Coloplast was looking to expand its worker base in Minnesota, according to a new report from the Twin Cities Business Mag.
The company, which acquired the urology business mentor Minnesota in 2006, has its North American headquarters in Minneapolis, Minn. with 310 employees in the area. Coloplast is looking to add an additional 3,000 staff worldwide to its 10,000 employee roster, but did not say how many of those jobs would be located in Minnesota.
