REG - Surgical Innovations - Acquisition <Origin Href="QuoteRef">SUNU.L</Origin>

Surgical InnovationsAnnouncement

07/11/2016 07:06

RNS Number : 4371O
Surgical Innovations Group PLC
07 November 2016
7 November 2016
Surgical Innovations Group plc
("SI Group")
Acquisition 
Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical technology for minimally invasive surgery, has completed the acquisition of the laparoscopic instruments business and related assets of Surgical Dynamics Limited ("SDL") for a cash consideration of approximately 0.36m, including assumed debt of not greater than 0.05m. Consideration will be funded from existing cash resources.
SDL is a privately owned company based in County Durham, and specialises in the design, development and rapid prototyping of a range of medical products. Revenues for the year ended 31 December 2015 amounted to 0.12m and loss before tax was 0.17m. In addition to these development activities, SDL has introduced specialist production processes including metal injection moulding of medical components, which are of particular relevance to SI Group and others in this sector.
Following this transaction, all of SDL's business in the production and distribution of single-use laparoscopic products will be relocated to the SI Group site at Leeds, and SDL has undertaken to offer any new products developed in the laparoscopic field exclusively to SI Group for a minimum period of three years.
Managing Director of SI Group, Melanie Ross, commented: "We are delighted to be working with SDL and its owners to further broaden our product portfolio, and bring additional precision manufacturing techniques to our facility at Leeds. This is an exciting opportunity to increase our appeal to distributors and end-user customers across a number of geographical markets, and will further enhance our competitive position in the UK and elsewhere. This is the first acquisition by SI Group following board changes over the last twelve months, and we continue to seek further opportunities to build on our expanding market presence."
For further information please contact:
Surgical Innovations Group Plc
www.sigroupplc.com
Nigel Rogers, Executive Chairman 
Tel: 0113 230 7597
Melanie Ross, Group FD & Managing Director, SI Ltd



WH Ireland Limited (NOMAD & Broker)

James Joyce / Ed Kennedy (Nomad)
Tel: 020 7220 1666


Walbrook PR (Financial PR & Investor Relations)
Tel: 020 7933 8780 or si@walbrookpr.com
Paul McManus
Mob: 07980 541 893
Natalie Bruce
Mob: 07884 666 994

This information is provided by RNS
The company news service from the London Stock Exchange
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