STERIS acquisition history

Cantel, then a NYSE-listed (CMD) infection-prevention company headquartered in Little Falls, New Jersey with roughly 3,700 employees, supplied infection-prevention products and services mainly to endoscopy and dental customers (its brands included the Medivators flexible-endoscope reprocessing line). STERIS paid $84.66 per Cantel share in cash and stock, an equity value of about $3.6 billion and an enterprise value of about $4.6 billion counting Cantel's net debt and convertible notes. The deal added STERIS's first Dental customer segment and expanded its endoscopy franchise; STERIS later recorded a $490.6 million goodwill impairment on Cantel assets in fiscal 2023 and subsequently reclassified the Dental business as held for sale. approximately $3.6 billion total equity value / approximately $4.6 billion enterprise value including Cantel net debt and convertible notes; final purchase consideration $3,599.5 million ($716.4M cash + 14.297M STERIS ordinary shares valued at $2,689.3M + $18.2M equity-comp + $175.6M convertible-equity), plus $721.3 million of assumed-and-repaid Cantel debt.

We have long appreciated Cantel, which is a natural complement and extension to STERIS's product and service offerings, global reach and Customers.Walt Rosebrough — President and CEO, STERIS plc

We believe Cantel and STERIS are a perfect strategic fit, and this combination is a natural next step for our company, enabling us to accelerate progress on our Cantel 2.0 initiatives and drive enhanced value for shareholders and the healthcare providers and systems we support.George Fotiades — CEO, Cantel Medical

Key Surgical, founded in 1988 and a portfolio company of Water Street Healthcare Partners, is a global provider of consumable products for sterile processing departments, operating rooms and endoscopy suites serving hospitals and surgical facilities. STERIS bought all of its units and equity for about $850 million; Key Surgical's calendar-2020 revenue was expected to be roughly $170 million with adjusted EBIT of about $50 million. $853.2 million net of cash acquired (announced at approximately $850 million; effectively about $810 million after the present value of an anticipated goodwill tax benefit).

Key Surgical strengthens, complements and expands STERIS's product offering and reach around the globe. Their focus on the sterile processing department, operating room and endoscopy fits perfectly with our core Healthcare Customers.Walt Rosebrough — President and CEO, STERIS plc

STERIS bought the surgical-instrumentation, laparoscopic-instrumentation and sterilization-container assets of Becton, Dickinson and Company (NYSE: BDX), including the well-known V. Mueller, Snowden-Pencer and Genesis brands. The primarily-consumables product lines generated roughly $170 million of revenue in BD's fiscal year ended September 30, 2023, with adjusted EBIT of about $45 million. The assets were folded into STERIS's Healthcare segment. $539.8 million (announced at $540 million); anticipated goodwill tax benefit with a present value of about $60 million.

We are pleased to announce the signing of this agreement today, as the brands we are adding will strengthen, complement and expand STERIS's product offerings within our Healthcare segment. In particular, the focus on the operating room and sterile processing department fits perfectly with our Healthcare Customers.Dan Carestio — President and CEO, STERIS plc

Synergy Health, an LSE-listed (SYR) UK outsourced-sterilization and infection-prevention company based in Swindon, was acquired through a newly formed UK entity that also indirectly acquired STERIS Corporation, creating the UK-domiciled 'New STERIS plc.' The combination brought together geographically complementary businesses generating revenue from more than 100 countries with roughly 14,000 combined employees and about $2.6 billion of combined revenue, pairing STERIS's Isomedix with Synergy's Applied Sterilization Technologies into a global contract-sterilization network of 58 facilities across 18 countries. This was STERIS's first corporate inversion; the group later redomiciled from the UK to Ireland in 2019. approximately $1.9 billion at announcement (£19.50 / $31.35 per share in cash and stock); final total purchase consideration $2,294.8 million ($402.5M cash + 25,848,798 STERIS plc ordinary shares valued at $1,887.5M + $4.8M for vested option holders), a cash-and-stock value of about $2.3 billion at the November 2, 2015 close.

Synergy's focus on achievement, accountability, integrity and innovation has enabled it to deliver remarkable growth for its Customers, people and shareholders since its founding.Walt Rosebrough — President and CEO, STERIS Corporation

Synergy shares STERIS's commitment to growth for all of its Customers and partners, and this acquisition brings together two great companies that share a similar set of values and a strategic vision.Dr. Richard Steeves — CEO, Synergy Health

US Endoscopy, founded in 1991 and based in Mentor, Ohio, designs, manufactures and sells therapeutic and diagnostic single-use medical devices and accessories for the gastrointestinal (GI) endoscopy market. The purchase gave STERIS direct access to the GI procedural space with a proprietary single-use consumables franchise and a U.S. direct sales force, and the completion was reported in a Form 8-K filed August 15, 2012. approximately $270 million (plus a $2.1 million working-capital adjustment) for the shares, plus about $7 million for related real estate.

The addition of US Endoscopy to our current portfolio is a natural extension of our presence in the GI market. They have generated double-digit organic growth for many years through successful new product development, and the acquisition provides STERIS immediate scale with a direct sales force in the U.S. and a strong brand name.Walt Rosebrough — President and CEO, STERIS Corporation

We are absolutely delighted to have the opportunity to become part of STERIS, a company we respect and know well.Gulam Khan — President, CEO and Co-Chairman, US Endoscopy

STERIS bought two privately-owned US surgical-instrument repair businesses, Spectrum Surgical Instruments Corp and Total Repair Express, providers of surgical-instrument repair services and instrument-care products to hospitals and surgery centers. The two together generated roughly $72 million of revenue and made STERIS one of the largest surgical-instrument repair businesses in the United States, folded into its Specialty Services unit. approximately $110 million aggregate (including contingent consideration); about $93 million net of anticipated tax benefits.

As we continue to expand our Customer solutions, entering the surgical instrument repair business through these acquisitions will enhance our existing presence in hospital sterile processing and surgical departments. These bolt-on acquisitions will give STERIS one of the largest surgical instrument repair businesses in the United States.Walt Rosebrough — President and CEO, STERIS Corporation

IMS, with facilities in Alabama, Florida and Maryland, provided endoscope repair, surgical-instrument management and sterile-processing consulting services. STERIS acquired all of its capital stock for about $165 million plus roughly $10 million of related real estate, integrating it into the Healthcare segment's Specialty Services reporting unit. approximately $165 million for the shares (plus about $10 million for related real estate), subject to a working-capital adjustment.

Gepco, a Pennsylvania-based manufacturer of sterility-maintenance, barrier-protection and sterile-cleanroom products for pharmaceutical, biotechnology and veterinary customers. STERIS bought all outstanding shares and integrated the business into its Life Sciences segment. approximately $176.5 million in cash (including a working-capital adjustment).

Medisafe, a UK manufacturer of washer/disinfector equipment and related consumables and services, generated about $18 million of annual revenue. The acquisition added washer manufacturing and R&D capability in the UK; its products were integrated into the Healthcare Products segment. approximately $34.5 million, net of cash acquired.

Compass Medical specialized in the sale and repair of flexible endoscopes and generated roughly $6 million of annual revenue. STERIS purchased its assets and integrated it into the Healthcare Specialty Services segment. approximately $16.0 million.

Phoenix Surgical and Endo-Tek specialized in the repair of endoscopes and together generated about $8 million of annual revenue. STERIS bought 100% of Phoenix Surgical's shares and Endo-Tek's assets, integrating them into the Healthcare Specialty Services segment. approximately $14.3 million combined, net of cash acquired.

Eschmann, a UK provider of surgical and infection-prevention solutions and services used primarily in hospitals, surgery centers and dental offices. STERIS purchased its capital stock and integrated the business into the Healthcare segment. approximately £25 million (about $36.6 million at the acquisition date; £22M paid at closing plus £3M deferred).

Life Systems, based in St. Louis, Missouri, provided sales and service in the endoscope-repair and certified pre-owned equipment markets. STERIS purchased its assets and integrated the business into the Healthcare segment. approximately $24.5 million (including $1.5 million of restricted stock to a seller), subject to a working-capital adjustment.

Florida Surgical Repair provided surgical-instrument and surgical-equipment repair services to hospitals and surgery centers in Florida. STERIS purchased its assets and integrated it into the Healthcare segment. approximately $5.8 million, subject to a working-capital adjustment.

Dana Products, an Illinois manufacturer of chemical indicators used in steam sterilizers. STERIS purchased all outstanding capital stock and integrated the business into the Healthcare segment. approximately $12.0 million, subject to a working-capital adjustment.

AGAPE Instruments Service, an Ohio-based provider of certification services. A newly formed STERIS subsidiary purchased its assets and assumed certain liabilities, integrating the business into the Life Sciences segment. approximately $3.4 million (including a working-capital adjustment).

VTS Medical Systems was an operating-room integration joint venture STERIS had participated in since fiscal 2009 (raising its stake to just under 50% by fiscal 2011). In December 2012 STERIS purchased the remaining interests, making VTS a wholly-owned subsidiary integrated into the Healthcare segment. Date shown as month-only (December 2012) in the filing. approximately $19 million for the remaining interests (cash at closing plus deferred payments); prior equity interest fair-valued at about $22 million.