Creo Medical - Albyn Medical stake acquired as wholly owned
Creo Medical has announced that it has acquired the remaining 5% stake in Albyn Medical (for €1.2m), a subsidiary that is Creo’s primary revenue contributor (c €20m in FY22 sales, per our estimates). The payout also included a previously agreed €1m earnout payment. Albyn Medical is a seller of own and third-party consumables and systems (primarily gastrointestinal (GI) endoscopy related) with core focus on the UK and European markets and complements Creo’s core portfolio of minimally invasive electrosurgical devices. Creo acquired a 90% stake in Albyn in July 2020 for an equity value of €24.8m and €2.7m in performance-related payments over two years. Creo then acquired another 5% stake in March 2022 (for €1.2m and an additional €1.7m as the first earnout tranche) followed by the balance in the latest announcement. We expect the franchise to contribute steadily to the top line, driven by ongoing expansion efforts into the US market.Creo Medical Group is a medical device company focused on the field of surgical endoscopy, a recent development in minimally invasive surgery. Co. is focused on developing and commercializing a suite of medical devices based on its CROMA electrosurgery platform.
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