Merit Medical Systems Inc. has completed the acquisition of Thomas Medical Products Inc.from GE Healthcare in an all-cash transaction valued at approximately $167 million, subject to customary post-closing adjustments.
"The acquisition of Thomas Medical Products adds significant technology and sales base to our cardiology business," says Fred P. Lampropoulos, chairman and CEO, Merit. "Additionally, Thomas Medical adds substantial breadth to our existing OEM business which is approaching $100 million in annual revenues."
Thomas Medical will now operate as Merit Medical Systems Inc., Malvern Division.
Merit financed the full amount of the purchase price through the expansion of Merit's existing credit facility to $275 million, which Wells Fargo Bank provided in a single bank transaction. Merit expects the acquisition to be immediately accretive to its net earnings on a non-GAAP basis, adjusted for transaction costs, one-time purchase accounting directives, and amortization of intangibles.