Novanta expands in Germany with purchase of surgical products maker
Novanta Inc. (Nasdaq: NOVT) has agreed to acquire surgical products distributor World of Medicine for about $130 million. The transaction expands Novanta's global presence in the medical supply sector.
Based in Berlin, Germany, World of Medicine makes cameras and pumps that are used in surgical procedures. The target has around $80 million in annual revenue.
"We see World of Medicine as a foundation for future growth, and as the cornerstone of our expansion in the minimally invasive surgical market," says Novanta CEO Matthijs Glastra. Novanta, located in Bred, Massachusetts, is a maker of laser scanning and motion technology for the healthcare and manufacturing sectors.
In other related medical supply deals, in 2017, Owens & Minor Inc. (NYSE: OMI) agreed to acquire medical supply distributor Byram Healthcare. In 2016, Court Square Capital Partners acquired dental products distributor NDC from Silver Oak Services Partners, and C.R. Bard Inc. (NYSE: BCR) bought catheter supplier Liberator Medical Holdings Inc.