Steris completes Cantel Medical acquisition to align the company for growth

MedTech News: STERIS completed the previously announced acquisition of Cantel Medical, a global provider of infection prevention products and services to endoscopy, dental, dialysis and life sciences customers, for approximately $3.6 billion and a total enterprise value of approximately $4.6 billion.

“We are pleased to announce the closing of the Cantel Medical acquisition, which will complement and extend STERIS’s product and service offerings, global reach and customers,” said Walt Rosebrough, President and Chief Executive Officer of STERIS.

“We welcome Cantel people to the STERIS team, and look forward to working together to create more value for our customers, our people, and our shareholders.”

“We are pleased to finish fiscal 2021 with constant currency organic revenue up slightly from last year and double-digit adjusted net income growth, even with the impact of the COVID-19 pandemic. This performance speaks to the resilience of our business and the good work by our Associates,” added Mr Rosebrough.

“Our outlook for fiscal 2022 reflects the additions of Key Surgical for the full year and ten months of Cantel Medical as-well-as another year of record organic revenue and earnings, as we expect healthcare procedure volumes to return to pre-pandemic levels.”

With the completion of Cantel Medical acquisition, STERIS expects a reported revenue of approximately $4.5 billion with a growth of 8-9% for fiscal 2022.

From a local perspective, Cantel Australia was set up in the last few years and repossessed the commercial rights to its products from long-term distributor C.R. Kennedy.

STERIS’ acquisition provides a potential growth opportunity for the Cantel Australia team as STERIS does not currently have a local affiliate set up in Australia.