Diploma Plc Acquires 80% Of Technopath Distribution
Diploma PLC, the international group of businesses supplying specialised technical products and services, is pleased to announce the acquisition of 80% of Technopath (Distribution) ("TPD"). Put and call options have been included in the transaction to allow Diploma to acquire the outstanding 20% of shares over a period of up to 5 years.
TPD is an established supplier of products to the Biotechnology, Clinical Laboratory and Medical markets in Ireland and the UK. The company employs ca. 40 staff at its principal location in Ballina, County Tipperary in Ireland. TPD's revenues in the year ended 31 August 2014 were ca. £12m (€14.6m).
This acquisition represents an important first step in extending the scope of the Group's Healthcare businesses into the markets of Ireland and the UK, as well as adding important new products and suppliers.
The Board expects this acquisition to be immediately earnings enhancing for the Group.
Bruce Thompson, Chief Executive of Diploma PLC said:
"This acquisition is a continuation of Diploma's value disciplined growth strategy. It extends the scope of the Group's Healthcare businesses into the markets of Ireland and the UK, as well as adding important new products and suppliers. It is a good fit with our existing Canadian and Australian Healthcare businesses and opens up further growth opportunities."