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Home » Halyard Health picks up Corpak Medsystems

Halyard Health picks up Corpak Medsystems

April 11, 2016 By Fink Densford

Halyard HealthHalyard Health (NYSE:HYH) said today it picked up enteral access solutions company Corpak MedSystems for $174 million.

Corpak, a Linden Capital Partners portfolio company, develops, manufactures and markets a range of branded enternal access devices, Halyard Health said.

The acquisition was funded through a combination of Alpharetta, Ga.-based Halyard Health’s on-hand cash and revolving credit facility and is slated to close in the 2nd quarter.

“We are excited to integrate Corpak’s innovative products into our market-leading enteral feeding portfolio enabling us to serve our doctors and their patients more broadly. Corpak’s business aligns well with our existing Medical Devices segment with slightly higher sales growth and similar gross margins.  This 1st acquisition is an important step in achieving our strategic vision of transforming Halyard into a leading medical devices company, and positioning our business for future growth,” Halyard Health CEO Robert Abernathy said in a press release.

Halyard Health said that Corpak’s portfolio of nasogastric tubes compliments the company’s existing enteral feeding products. Last year, Corpak’s sales were approximately $54 million.

“Corpak achieved above-market growth through our focus on innovation, team and culture, and strategic realignment to become the ‘preferred enteral partner. We believe that Corpak is well positioned for continued achievement and long-term success with Halyard, a company that understands our business, supports our goals and embraces our values,” Corpak CEO Frank McCaney said in prepared remarks.

Halyard Health said the transaction is expected to be 5¢ accretive to its fiscal year 2016 ajusted dilutive net earnings per share excluding charges related to the acquisition. The company updated its previous guidance to $1.50 to $1.70, with the transaction expected to be approximately 15¢ accretive.

“Linden is proud to see Corpak find a great home with Halyard. During our seven-year ownership, Linden pursued its value creation plan that included an expanded strategy, an enhanced leadership team, a non-core divestiture, multiple joint ventures and acquisitions, new headquarters, direct international expansion, and intensive research and development for new product launches,” Linden managing partner Brian Miller said in a prepared statement.

Filed Under: Business/Financial News, Mergers & Acquisitions Tagged With: Avanos Medical (formerly Halyard Health)

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