Halma, a global group of life-saving technology companies, today announces that it has acquired TeDan, a group of companies that develop, manufacture and supply medical devices that surgeons use in spinal, neurological, cardiac and orthopaedic operations.
The separate companies include TeDan Surgical Innovations, Inc., West Coast Surgical, LLC, Axcess Surgical Innovations, LLC and TeDan Surgical Innovations GmbH.
Headquartered in Houston, Texas and Half Moon Bay, California, USA, TeDan addresses the growing need for surgical procedures as populations live longer and as lifestyles change.
"World spending on healthcare is increasing as demand continues to grow, especially as the number of people over 60 has reached more than one billion," said Danny Fishman, Chief Executive Officer of TeDan. "For over ten years, TeDan has been at the forefront of surgical access innovation, creating an improved experience for surgeons in the operating room and better outcomes for patients. Joining Halma will help us to grow and invest in the U.S. and internationally. Together, we share a common purpose of ensuring a healthier future for everyone, every day."
The initial cash consideration for TeDan is US$89.1m (approximately £72m), on a cash- and debt-free basis, which will be funded from Halma's existing facilities. When adjusted for tax benefits with a net present value of approximately US$9.8 million (approximately £8 million), the net initial consideration is approximately US$79.3 million (approximately £64 million). An additional earn-out consideration of up to US$10.9m (approximately £9m) is payable in cash, based on TeDan's performance in the period to June 2024.
TeDan's consolidated unaudited revenue for the 12 months to 31 March 2023 was US$29.2m (approximately £24m), and TeDan has a Return on Sales above the upper end of Halma's target range of 18-22%. TeDan will be a standalone company in Halma's Healthcare sector, led by its current management team.
"TeDan further extends the technologies and capabilities of our Healthcare sector in the treatment of patients in acute therapeutic settings," said Marc Ronchetti, Group Chief Executive of Halma. "TeDan's growth is supported by the growing need for surgical treatment as populations age and as lifestyles evolve and by the development of innovative new surgical procedures which improve efficiency and standards of care. We are delighted to welcome the TeDan team to Halma and look forward to working with them to expand their global impact."
The acquisition is part of Halma's growth strategy to acquire bolt-on and standalone businesses, with a total of six acquisitions so far this financial year.
For further information, please contact:
Halma plc
Marc Ronchetti, Group Chief Executive
Steve Gunning, Group Chief Financial Officer
Charles King, Head of Investor Relations +44 (0) 7776 685948
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796 013
MHP
Oliver Hughes / Rachel Farrington / Ollie Hoare +44 (0)20 3128 8100
A copy of this announcement, together with other information about Halma, is available at www.halma.com.
About Halma
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets it operates in:
- Safety - Protecting people's safety and the environment as populations grow, and enhancing worker safety.
- Environment - Addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.
- Health - Meeting the increasing demand for better healthcare as chronic illness rises, driven by growing and ageing populations and lifestyle changes.
It employs over 8,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.
Halma has been named as one of Britain's Most Admired Companies for the past five years.
For more information www.halma.com
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HALMA PLC 
