Halma buys surgical innovation firm TeDan in £72m deal

Safety equipment company Halma has purchased the TeDan group of US-based surgical innovation companies.

The deal is worth an initial $89.1million (around £72million) on a cash and debt-free basis.

As part of the deal, the FTSE 100-listed firm has acquired TeDan Surgical Innovations, West Coast Surgical, Axcess Surgical Innovations and TeDan Surgical Innovations. 

The Buckinghamshire-based company will also pay up to an additional $10.9million (around £9million) in cash, depending on TeDan’s performance in the period to June 2024.

TeDan will be a standalone company in Halma’s healthcare sector, led by its current management team. 

On its website, TeDan says it is ‘committed to providing innovative, high-quality surgical access systems designed to optimise exposure and improve the surgeon experience.’ 

Marc Ronchetti, group chief executive of Halma, said: ‘TeDan further extends the technologies and capabilities of our healthcare sector in the treatment of patients in acute therapeutic settings. 

‘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.’

Danny Fishman, chief executive officer of TeDan, said: ‘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. 

‘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 deal is the latest in a number of acquisitions the firm has been involved in.

In February, Halma bought Thermocable, a maker of linear heat detectors based in Bradford, West Yorkshire, in a £22million deal.

Halma shares rose 1.75 per cent to 2,089.00p in afternoon trading on Monday.