MENTOR, Ohio—STERIS Corporation announced today that it signed an agreement to acquire privately-owned United States Endoscopy Group, Inc. (US Endoscopy). US Endoscopy designs, manufactures and sells therapeutic and diagnostic medical devices and support accessories used in the gastrointestinal endoscopy and urology markets worldwide.
With the acquisition of US Endoscopy, STERIS will gain direct access to the GI market with a broad franchise of single-use consumable medical devices, STERIS reported.
“The addition of US Endoscopy to our current portfolio is a natural extension of our presence in the GI market,” said Walt Rosebrough, president and CEO of STERIS Corporation. “They have generated double-digit organic growth for many years through successful new product development, and the acquisition provides STERIS immediate scale with a direct sales force in the U.S. and a strong brand name.
"This acquisition is aligned with our strategy to expand in areas with attractive market dynamics that are adjacent to our current businesses," Rosebrough added. "We are impressed with the strength of their management team and look forward to working with them to capture the opportunities ahead of us.”
The US Endoscopy team is "delighted" to become part of STERIS, according to Gulam Khan, president, CEO and co-chairman of US Endoscopy.
“Not only will we gain the size and scale necessary to continue to innovate and grow over the long term, we will also ensure that we can and will remain a vital part of the 'greater Cleveland' community," Khan said. "While we have had great success the last two decades, having the support of STERIS will better enable us to take full advantage of global opportunities.”
STERIS has a strong presence in the procedural spaces within the hospital, in particular the operating room, but has not had a presence in the procedure spaces of the GI environment. STERIS currently offers reprocessing equipment, including high-level disinfectors and sterilizers, chemistries for manual and automated reprocessing, and consumables, including pre-cleaning sponges, channel and valve brushes and soak/transport containers.
The acquisition of US Endoscopy will add direct access to the global market, where US Endoscopy is a niche player focused on technology and innovation. US Endoscopy has proven its ability to grow two to three times faster than the market due to the success of new products over the past five years, STERIS reported in a news release.