Scapa Group shells out £25m on Dallas firm
Greater Manchester-based Scapa Group, a global specialist adhesive products for the healthcare and industrial sectors, has bought American company BioMed Laboratories for $32m (£25m).
The AIM listed Ashton-under-Lyne company’s purchase price comprises an initial cash consideration of $19m with a further $13m payable depending on performance in the calendar years 2018 and 2019.
Dallas, Texas-based BioMed is a leading developer and manufacturer of gels, creams, lotions, liquids, powders and hot filled wax based products in the OTC, wound care and skin care markets.
Scapa chief executive Heejae Chae said: “The acquisition of BioMed, which further enhances our capabilities and takes us beyond the adhesive based value chain, is another key step in the execution of our healthcare strategy to be the single source for turn-key solutions to our global healthcare customers.”
BioMed chief executive Roger Liebelt said: “Becoming part of Scapa Healthcare’s growing business is an exciting step for BioMed.
“It is evident that Scapa values our strong foundation and valuable relationships with our customers and employees, which have been carefully considered throughout this process. I am confident that Scapa will build upon our shared principles to create greater value for customers.”
In September, 2017, Scapa bought the entire share capital of Market Industries, Controlled Environment Equipment Corp and CMark Films for £7.68m.