Halma, a global group of life-saving technology companies, is bolstering its Healthcare sector with a large acquisition.
Halma announced on November 20 that it is acquiring the TeDan group of companies, comprising the separate companies of TeDan Surgical Innovations, Inc., West Coast Surgical, LLC, Axcess Surgical Innovations, LLC and TeDan Surgical Innovations GmbH.
Headquartered in Sugar Land, Texas, just southwest of Houston, TeDan is a global leader in innovative surgical access systems. It develops, manufactures and supplies to surgeons for use in a range of acute therapeutic procedures. Its primary market is access systems for spinal surgery, and the United States accounts for the majority of its sales. TeDan’s consolidated unaudited revenue for the 12 months ended March 31, 2023 was $29.2 million USD (approximately £24 million), according to the original deal press release.
Halma is a global group of technology companies that employs more than 7,000 people in 20 countries with major operations in the United Kingdom, mainland Europe, the United States and the Asia-Pacific region.
The initial cash consideration for TeDan is $89.1 million USD (approximately £72 million), on a cash- and debt-free basis, which will be funded from Halma’s existing facilities. An additional earn-out consideration of up to $10.9 million USD (approximately £9 million) is payable in cash, based on TeDan’s performance in the period to June 2024. TeDan will be a standalone company in Halma’s Healthcare sector, led by its current management team.
According to data captured in the LevinPro HC database, this transaction represents the 97th Medical Devices acquisition of the year. Between January 1, 2022, and November 20, 2022, 108 Medical Devices transactions were reported.
