Creo Medical acquires Belgian GI consumables supplier Boucart Medical

Medical device company Creo Medical said on Tuesday that it had acquired Belgian consumables supplier Boucart Medical as part of a deal worth up to €5.0m.

Creo's subsidiary Albyn Medical snapped up the independent supplier of gastrointestinal endoscopy consumables for a cash payment of €4.5m, with a €500,000 performance related consideration payable in cash over the next two years.

For the year ended 31 December, Boucart Medical reported underlying earnings of €700,000 and a pre-tax profits of €600,000.

The AIM-listed group added that following the acquisition of Boucart, it now had a direct sales presence in key markets of Spain, France, Germany, the UK, the USA, Belgium and Luxembourg - providing it with "a strong commercial platform" to facilitate the roll-out of its full suite of CE marked gastrointestinal advanced energy devices.

Chief executive Craig Gulliford said: "This latest acquisition is an important addition to the commercial and distribution platform established through the Albyn Medical acquisition in July and will accelerate the development of our business in Europe.

"Albyn and Boucart combined provides us with an extensive European marketing and sales capability to support the roll-out of our full suite of CE marked GI advanced energy devices."

As of 0855 GMT, Creo shares were untraded at 160.0p.