Coloplast to buy Comfort Medical for $160M
MINNEAPOLIS – Coloplast, which has its U.S. headquarters here but is based in Denmark, has entered into a definitive agreement to acquire Coral Springs, Fla.-based Comfort Medical for $160 million in cash, the company announced Nov. 30.
The deal, if completed and approved by authorities, combines a manufacturer of ostomy, urology, continence and wound care supplies with a provider of those supplies.
“The acquisition of Comfort Medical fits very well into our overall consumer ambition for Coloplast in the U.S., securing continued access to innovative technology for end users,” said Lars Rasmussen, Coloplast’s CEO, in a release. “Comfort Medical has a strong patient acquisition model and an efficient and scalable setup, in addition to a strong management team with a good cultural fit to Coloplast.”
Comfort Medical, a subsidiary of Liberty Medical, is expected to record sales of about $38 million for 2016, according to the release.
Coloplast plans to leverage Comfort Medical’s business model of capturing patients through direct response advertisement and physician referrals. It provides patients with products from a number of manufacturers, including Coloplast.
“I am excited about the future prospects of our U.S. business and view this acquisition as an additional building block in the implementation of our U.S. strategy,” Rasmussen said.
Earlier this year, Comfort Medical acquired Wheel:Life, a digital media publication and social community for wheelchair users with more than 26,000 followers on social media, further strengthening its ties to end users.
The deal is expected to close in the first quarter of 2016/17.