Batesville, Indiana-based Hill-Rom Holdings, Inc. has announced it has completed the $400 million purchase of privately held Aspen Surgical Products in a move which will enhance its presence in the surgical marketplace. Aspen Surgical, based in Michigan, provides a portfolio of well-established surgical consumable and specialty medical products focused on improving the safety of patients and health care professionals.
Aspen’s product lines include Bard-Parker® conventional and safety scalpels and blades, Colby fluid collection products, Richard-Allan™ specialty needles, a variety of other operating room disposables and instrument care products as well as wound care dressings. Hill-Rom says its acquisition of Aspen Surgical further develops its surgical business, adding a portfolio of consumable products and expanding its position in North American and European surgical markets.
Aspen Surgical has annual revenue of approximately $120 million. The transaction was funded with a combination of cash and bank debt.
“With the addition of Aspen Surgical, Hill-Rom is well positioned for growth and geographic expansion in our surgical business, particularly in the safety product segments,” said John J. Greisch, President and CEO of Hill-Rom. “This acquisition further expands our global portfolio beyond our core franchise with a business that is immediately accretive to earnings per share and adds recurring revenue to our existing surgical platform.”
“Aspen Surgical and Hill-Rom share a similar mission to enhance outcomes with products that help ensure a safe environment in surgical and other health care settings,” said Greg Pritchard, formerly CEO of Aspen Surgical and now Senior Vice President and President, Surgical and Respiratory Care at Hill-Rom. “We look forward to leveraging the valued Hill-Rom brand to expand Aspen Surgical’s presence around the world.”
Source: Hill Rom Holdings, Inc., PR Newswire