Milwaukee-based gastrointestinal and endoscopic supplier Diversatek Healthcare Inc. has acquired Belgium-based G-Flex Europe SPRL, which manufactures and distributes reusable and single-use endoscopy devices and instruments.
The firms said the deal will help them ramp up new product development.
"The G-Flex acquisition is a big move for us," Brant Stanford, chairman of parent company Diversatek Inc., told Plastics News in an emailed statement. "It's a substantial, multimillion-dollar investment that has the potential to boost annual revenue by up to 18 percent."
As a result of the deal, Diversatek Healthcare will obtain an ISO 13485-certified manufacturing location and a headquarters for the company's EU-based activities.
The acquisition adds more than 250 SKUs to the Diversatek Healthcare portfolio, including products in the GI and pulmonary markets, a news release said.
"There won't be any leadership changes at G-Flex," Stanford said. "Their strong leadership team was one of the primary reasons we pursued this deal. There is a shared strategic vision and approach that stems directly from who's at the helm. … We do not envision any workforce changes.
"The excitement surrounding this acquisition is palpable," Stanford added. "We've had our eye on G-Flex for years, so we're thrilled to come together to create an even larger global footprint."
"Both companies' success has hinged on listening to what today's medical practitioners want," Stanford said in the release. "Our combined resources will continue to address today's unmet needs."
Diversatek Healthcare will leverage the common international sales channels it shares with G-Flex to increase the global distribution of both companies' current products and technologies, the release said.
"Our shared mission is to simplify medical devices within the markets we serve, providing effective, tailored solutions," Patrick Cremer, CEO of G-Flex, said in the release. "The technology and engineering innovation gained through this acquisition further strengthens our ability to develop new products."
With operations in Wisconsin, Colorado and Vietnam, Diversatek Healthcare manufactures endoscopic devices and accessories and novel diagnostic technologies used to differentiate esophageal diseases and diagnose motility and reflux disorders.
Nivelles, Belgium-based G-Flex designs, manufactures and distributes reusable and single-use endoscopy devices and instruments for the gastrointestinal and pulmonary markets. With operations in Europe and Brazil, G-Flex offers more than 250 products to customers in over 50 countries on five continents.