Minntech Parent Co. Pays $100M For Texas Med. Co.
Little Falls, New Jersey-based Cantel Medical Corporation announced Tuesday that it has spent $100 million to purchase a Houston-based medical device company, which will operate as a division of its Minneapolis-based subsidiary Minntech Corporation.
The acquired company, called Byrne Medical, has about 200 employees and annual sales of $38.6 million. It designs, manufactures, and sells an array of disposable infection control products used in gastrointestinal endoscopy procedures.
According to Seth Segal, executive vice president of Cantel Medical, all employees and operations of Byrne Medical will be retained. Cantel Medical said in a press release that it has purchased certain land and buildings that are used by Byrne Medical for $5.9 million and plans to further develop its operations in Houston.
According to Cantel Medical, the acquisition-which closed Tuesday morning-builds upon the recent growth of the endoscope reprocessing segment of Medivators, which is another division of Minntech.
“This is the largest transaction in Cantel's history and clearly an important event,” Andrew Krakauer, Cantel Medical's president and CEO, said in a statement. “It is very exciting to have two leading endoscopy product businesses as a part of Cantel.”
Minntech was founded in 1974 and was acquired by Cantel in 2001. It employs about 400 people and develops, manufactures, and markets medical devices, sterilants, and water purification products.