Gyrus Group to Buy ACMI for $500 Million

In a move to enhance the company's competitive position, Gyrus Group PLC (Cardiff, UK) has agreed to acquire ACMI Corp. (Southborough, MA, USA), a large endoscope company focusing on developing products for use in urology and gynecology, for about U.S.$500 million in cash and stock.

ACMI (American Cystoscope Makers, Inc.) is the developer of the world's smallest digital camera and video color sensor, recently introduced for use in urology and gynecology examinations. The company has 900 employees and sells in more than 70 countries around the world. AMCI had sales of $184.7 million in its last financial year.

The acquisition will allow Gyrus to compete with multinational companies in the fields of urology and gynecology and will give the firm an opportunity to expand into general surgery, opening up new markets. ACMI was controlled by Fox Paine & Company (San Francisco, CA, USA), a private equity firm that received the right to appoint one member to the Gyrus board of directors as a result of the sale.

"The value established for ACMI in this transaction, which approximately triples our November 1999 investment, marks a significant milestone for ACMI,” stated Saul Fox, CEO of Fox Paine and chairman of ACMI. "This transaction is the culmination of the efforts of many people both within and affiliated with the company who shared the vision of ACMI as an international leader in the conception, design, manufacture, and distribution of sophisticated medical devices enabling minimally invasive urological and gynecological diagnostic and therapeutic modalities.”




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