A Medical Device Daily
Instant Technologies (Norfolk, Virginia) on Friday reported that it has agreed to acquire Euromed (doing business as Whitehall Medical; London/Los Angeles), the largest distributor of drugs-of-abuse test kits in Europe. Financial terms were not disclosed.
Instant said that with the purchase, its revenue would grow by almost $10 million annually.
“This acquisition will launch Instant into the European markets as the dominate player,“ Jeff Konecke, director of business development for Instant, said in a statement. “The combined resources of Euromed and Instant will further improve our sales and marketing reach globally.“
Chris Collins, managing director of Euromed, said, “Instant's proven success in sales and marketing in the U.S. will better position us to meet the future growth needs of our European customers.“
Instant said it is executing a market consolidation plan initiated in late 2005, and that the purchase of Euromed is the second it has made in 2006.
James Ramsey, the company's CEO, said, “The addition of Euromed is a continuation of our strategic goal over the next two years to acquire companies that offer us both profitable organizations and strategic market opportunities.“
Instant said it would make additional acquisitions “in the coming months.“
Instant manufactures rapid test devices that include drug and alcohol testing, women's health and clinical diagnostics.
MedServe (Houston), a provider of medical waste management services, reported the purchase of Envirosolve (Tulsa, Oklahoma). Terms were not disclosed.
MedServe said that the transaction will add $6.8 million in additional revenues, will expand its geographic and customer base and will bring added capabilities to clients. Financial details were not disclosed.
The purchase is the ninth acquisition since September 2004 for MedServe, created through the merger of Med-Shred (Houston) and Enserv (Bellaire, Texas).
Envirosolve has facilities and operations in Arizona, California, Colorado, New Mexico, Oklahoma and Oregon.
“This broadens our geographical presence considerably,“ said Michael Fields, president of MedServe. “We are now strongly positioned to be competitive in the West, Southwest, Midwest, and Southeast. Our business plans call for acquiring regional companies whose services complement our own and can help us deliver an unmatched level of services to customers.“
MedServe said that the purchase of Envirosolve enables it to provide new services related to the characterization, containerization, manifesting, transportation and disposal of its customers' waste streams. In addition to collecting, hauling and treating contaminated materials, Envirosolve assists healthcare and other environmental clients with hard-to-manage wastes regulated under the Resources Conservation and Recovery Act, the Toxic Substances Control Act and other biohazardous waste regulations.
The company also provides community household hazardous waste collection programs, complementing MedServe's Mail Disposal Service, designed to manage environmental concerns which result from more than 2 million needles and syringes used daily for insulin and allergy dosing in the home.
In other dealmaking activity:
• Electropure Inc. (Laguna Hills, California) reported that a majority of shareholders approved the sale of substantially all of the assets owned by and used in the operations of Electropure EDI to SnowPure (also Laguna Hills) and to immediately dissolve and terminate the corporate existence of Electropure EDI, a wholly owned subsidiary of Electropure Inc.
The shareholders also voted to change the corporate name of Electropure Inc. to Micro Imaging Technology (MIT); and to approve the sale of the land and building owned by Electropure Holdings to an unaffiliated third party.
Electropure said that substantially all proceeds from the transactions will be invested in furthering product evolution of a non-biological microbe identification process developed by Electropure's wholly-owned subsidiary, MIT.
Described as easy to use, the MIT technology does not rely on conventional chemical processing, fluorescent tags, or DNA analysis for rapid microbe identification. The company received a U.S. patent on the technology in 2002 and said it believes the technology may have significant market potential and could provide growth and long-term benefits for its shareholders.
MIT said it also is continuing to improve a laser-based technology for rapid microbe detection and identification. The system measures scattered light intensity as individual microbes pass through a laser beam. The intensity pattern of the scattered light is a consequence of the size, shape and external and internal optical characteristics of the microbe. By measuring the scattered light at specific angles, the system can detect and differentiate objects the size of bacteria.
MIT has constructed prototype systems that have demonstrated the ability to detect and immediately identify the microbes E. coli, Listeria, Salmonella staphylococcus aureus, Shigella and other pathogenic bacteria. A patent awarded in 2003 will be expanded with further R&D work.
SnowPure is a leader in high-tech electrodeionization.
• Healthcare and industrial conglomerate Tyco International (Pembroke, Bermuda) reported that it has closed the previously announced sale of its Plastics, Adhesives and Ludlow Coated Products businesses to an affiliate of private investment firm Apollo Management for $975 million in cash.
Tyco reported total 2005 revenue of $1.7 trillion for the businesses. Tyco's A&E Products Group, a global producer of plastic garment hangers, is not included in this transaction and is being sold separately, the company said.