ADDvise signs Letter of Intent to acquire Graham Medical Technologies, L.L.C.

10-05-2021   Regulatory press release

ADDvise Group AB (publ) has signed a Letter of Intent with the shareholder of Graham Medical Technologies, L.L.C. (“GraMedica”) regarding an acquisition of 100 percent of the shares in GraMedica.

GraMedica is specialized in the development of orthopedic implants and stents for feet and ankle surgery. GraMedica was founded in 2003, and since, the company has developed a portfolio of several life-changing foot implants such as the bestseller, HYPROCURE®. The implants are designed to provide a solution for the correction of a patients’ feet and ankles and are being used worldwide by orthopedic doctors.

GraMedica is headquartered in Michigan, USA, and distributes its products throughout the United States, Europe and Asia. The company also has a sales office in Shanghai, China. The company’s revenue for the financial year 2020 amounted to approximately USD 3.35 million, with an adjusted operating profit of approximately USD 0.85 million.

The purchase price amounts to a total of USD 5.80 million, which is divided into an initial payment of USD 4.00 million and two potential earn-outs of a maximum of USD 0.90 million each, given that the seller achieves certain predetermined targets. The transaction is financed through own funds and loans. ADDvise assesses that the acquisition will have a positive effect on its earnings per share during the financial year 2021.

The transaction is subject to a due diligence and that the parties will agree to enter into a share purchase agreement. The share purchase agreement is scheduled to be completed during Q2 2021 and completion of the acquisition is scheduled during Q3 2021.

For further information, please contact:

Rikard Akhtarzand, VD
+46 765-25 90 71
rikard.akhtarzand@addvisegroup.se

Important information:

This information is by ADDvise Group AB required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 10 May 2021 at 08:00 CEST.
 

About ADDvise Group

ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy, which aims to increase shareholder value through expanding the business from a geographical and product standpoint. ADDvise Group’s shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50, CA@mangold.se, is the Company's Certified Adviser. Additional information is available at www.addvisegroup.com.

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