LITTLE FALLS, N.J., Aug. 3 /PRNewswire-FirstCall/ -- CANTEL MEDICAL CORP. (NYSE: CMN), through its Mar Cor Purification subsidiary, has continued the expansion of its water purification and filtration segment by purchasing the assets of Los Angeles-based G.E.M. Water Systems Int'l, LLC. G.E.M. designs, builds, installs and services high quality water equipment for dialysis clinics in the Western U.S. The acquired business had pre-acquisition revenues of approximately $3.5 million. This cash deal is expected to be slightly accretive to Cantel's earnings per share in the first year.
Curt Weitnauer, President of Mar Cor Purification, stated, "Adding G.E.M.'s strong brand name and strategic Western Region presence to Mar Cor's leadership position in medical water enables us to better serve our national customers and further expand our business. We will be adding an outstanding team and base of business in a highly desirable region -- one with a great concentration of dialysis clinics and healthcare institutions. We expect to achieve incremental growth with the addition of Mar Cor's broad portfolio of products and services. Furthermore, the acquisition provides a foundation for a West Coast expansion of the Mar Cor service business."
Cantel's President and CEO, Andrew Krakauer, added, "Building atop the success of our acquisition of GE Water & Process Technologies' dialysis water business and other Mar Cor acquisitions, we are continuing to implement our strategy of creating a nationwide service network to meet the needs of our customers. The opportunity to achieve both top and bottom line synergies will strengthen our successful water purification and filtration business, which has continued to improve its performance year after year. I am very pleased with the leadership of our Mar Cor group, and we will continue to invest both organically and via acquisition in this business, which is now Cantel's largest reporting segment in annual revenue. The team has done an outstanding job bringing this deal to fruition."
About G.E.M. Water Systems Int'l, LLC
Founded in 1981 by Jack Enkowitz, G.E.M. Water Systems of Los Angeles, CA designs and builds high purity water systems, conducts installation and testing, performs maintenance, and provides a full complement of equipment services. G.E.M. has developed a reputation of providing high quality service to prominent healthcare customers with time-sensitive and critical patient needs.
About Mar Cor Purification
A division of Cantel Medical Corp., Mar Cor Purification is dedicated to providing innovative solutions through filtration, water, and disinfection technologies to the medical, life science and industrial marketplaces. Mar Cor Purification has service offices in 17 cities in the U.S. and Canada, with 6 resin regeneration plants strategically located in Atlanta, Boston, Chicago, Philadelphia, Montreal and Toronto. For more information please visit the Mar Cor website at www.mcpur.com.
About Cantel Medical Corp.
Cantel Medical Corp. (NYSE: CMN) is a leading provider of infection prevention and control products in the healthcare market. Our products include specialized medical device reprocessing systems for renal dialysis and endoscopy, dialysate concentrates and other dialysis supplies, disposable infection control products primarily for the dental industry, water purification equipment, sterilants, disinfectants and cleaners, hollow fiber membrane filtration and separation products for medical and non-medical applications, and specialty packaging for infectious and biological specimens. We also provide technical maintenance for our products and offer compliance training services for the transport of infectious and biological specimens. For more information please visithttp://www.cantelmedical.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel's filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
|SOURCE Cantel Medical Corp.|
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