Cath Lab Digest

  Stryker Corporation (Kalamazoo, MI) recently announced a definitive agreement to acquire the privately held Gaymar Industries (Orchard Park, NY). Under the terms of the agreement, Stryker will acquire Gaymar Industries for approximately $150 million in an all-cash transaction. Gaymar specializes in support surface and pressure ulcer management solutions as well as the temperature management segment of the healthcare industry, with an attractive portfolio of capital and disposable products in both the US and international markets. The transaction, which is expected to close by October 1, 2010, is conditioned on expiration or termination of the Hart-Scott- Rodino Antitrust Improvements Act waiting period and other customary closing conditions. The board of directors of both Stryker and Gaymar Industries have approved the transaction.

  Gaymar Industries was originally founded in 1956 and has been owned by private equity firms Nautic Partners and Norwest Equity Partners since 2003. Stryker’s Medical division and Gaymar have had a successful 10-year original equipment manufacturer (OEM) relationship whereby Gaymar has been providing Stryker with exclusive rights to sell support surface and pressure ulcer management products to acute care customers throughout North America. The acquisition expands Stryker’s product offerings in the high-performance support surface and pressure ulcer management market, while also providing a complementary product offering to its existing customer base through its temperature management technology platform. Following the global economic contraction in late 2008 and early 2009, which adversely impacted hospital spending, Gaymar refocused its management and business strategy and has since demonstrated an impressive recovery consistent with its history as a growing specialty products company. Gaymar achieved sales of approximately $77 million in 2009, of which approximately $14 million were related to the existing OEM relationship with Stryker.

  For more information, call (646) 747-7163.