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Medical Equipment and Supplies EBITDA Multiples: Getinge acquires Healthmark Industries (~17.1x EBITDA)

Swedish healthcare giant Getinge announced the acquisition of US-based Healthmark Industries for $320 million. The deal, finalized on October 11th, 2023, sees Getinge bolster its sterile reprocessing portfolio and gain a strong foothold in the U.S. market. Founded in 1969, Healthmark's headquarters and main production facilities are located in Fraser, Michigan, and approximately 90% of its sales come from the U.S.

Medical Equipment and Supplies EBITDA Multiples

In its fiscal year ending October 31, 2023, Healthmark expects revenue of nearly $126 million, an approximate 15% increase over fiscal year 2022. According to the press release, the purchase price represents an EBITDA multiple of 17.1x, or 15.5x net of the present value of tax benefits, implying 2023 EBITDA of ~$18.7 million. The price also represents a multiple of 14.6x estimated 2024 EBITDA prior excluding the tax benefits, implying expectations of ~$21.9 million. Getinge expects approximately $30 million in gradual net synergies (revenues and costs) over the next five years.

The multiple is on the very high end of the medical equipment and supplies comparables in our database, although it is fairly close to the multiples from more recent deals, including Ohio Medical, Hill-Rom, Medline Industries, Cantel Medical, and Key Surgical. The elevated multiple signals Getinge's belief that Healthmark holds a leading position in a growing U.S. instrument cleaning and packaging consumables market share and a promising pipeline of innovative products. It also likely reflects the immense opportunity for both revenue and cost synergies as a result of the deal.

Getinge's acquisition of Healthmark
Medical Equipment and Supplies EBITDA Multiples

Other Medical Devices, Equipment and Supplies Deals

Read Scope Research's take on other medical devices, equipment and supplies M&A transactions:

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The Scope Research Healthcare M&A Valuation Database currently has financial details for 258 medical device, equipment and supplies deals going back to 2010, 132 of which include reported EBITDA multiples. The medical device, equipment and supplies M&A deals can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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