United Drug shares were 1.45% higher at €14.00 this afternoon on news the firm acquired all of Mantis Surgical, a UK medical equipment and devices suppliers and distributors.
Consideration for the acquisition is £5.575m in cash, payable on completion, with an additional consideration of up to £1.3m, payable on achievement of agreed profit targets for the 12 months beginning 1 July 2003.
Mantis has 17 employees and has exclusive distribution agreements in the UK with a number of leading international medical manufacturers.
Liam FitzGerald, United Drug chief executive, said said, 'United Drug's strategy is to grow organically, and by acquisition of businesses which complement our existing core operations. Mantis is an excellent company with a strong record of growth, providing a highly focussed customer service on behalf of a number of key international medical equipment manufacturers.'
He added, 'The Mantis business fits very well with New Splint, acquired in April 2002, and provides United Drug with an excellent opportunity to further grow and develop our medical and scientific sales and distribution business in the United Kingdom market.'
