Halma buys medical device firm Lamidey Noury

(Sharecast News) - Safety equipment maker Halma has announced it is buying Lamidey Noury Medical, a Paris-based manufacturer of medical technology devices, for €50m. Lamidey Noury makes advanced electrosurgical and associated energy devices which are used in minimally invasive urology, gynaecology and general surgery, and the business is adjacent to Halma's existing presence in diagnosis and biopsy devices for similar diseases.

The firm, which sells to healthcare providers in more than 60 countries, has generated €13.6m in revenues over the past 12 months at an EBIT margin above Halma's own target range of 19-23%.

The company was purchased on a cash- and debt-free basis, and the acquisition will be funded from Halma's existing facilities.

"Lamidey Noury is an exciting acquisition which will bring new minimally invasive surgical product capabilities to our healthcare sector. Its advanced products improve patient outcomes and the efficiency of healthcare providers in treating the increasing incidence of urological and gynaecological disease," said Halma's chief executive Marc Ronchetti.

"It is adjacent to our existing presence in diagnosis and biopsy devices for these diseases through Rovers Medical Devices and IZI Medical. We are delighted to welcome Lamidey Noury to Halma and look forward to supporting its development as it continues to scale its business globally."

Lamidey Noury will be treated as a standalone company within Halma's healthcare division, keeping its current management team.