UK-based Creo Medical Group has announced the acquisition of Albyn Medical, a Spain-based manufacturer of gastroenterology, urology and endoscopy products, for an equity value of €24.8m.

The agreement also included a performance-related payment of up to €2.7m, which Creo will receive over the next two years in cash. Albyn Medical will retain €4.3m of net debt.

The acquisition provides Creo with Albyn Medical’s extensive sales, service, logistics, production and export capability.

It also adds a highly complementary product range to the company’s portfolio while expanding the GI product suite and providing an opportunity for it to enter the urology market.

Albyn Medical specialises in GI endoscopy and urology with commercial relationships with doctors and hospitals across key European territories.

The company’s GI products account for 90% of sales with 10% of revenues derived from urology products and partner urology sales.

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Creo CEO Craig Gulliford said: “Albyn Medical is an exceptionally good fit with Creo. The enlarged business brings together a wide range of highly complementary GI products with an opportunity to broaden the portfolio into urology and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices.”

Following the acquisition, the combined business will have a 175 strong team, with direct operations in five countries, including Spain, France, Germany and the UK.

Albyn Medical president Luis Collantes said: “Over the last 25 years, we have established a world-class business focussed on the development of a portfolio of the third-party and own brand medical devices, supplying a global client base of partners and distributors.

“Combining this with the exciting new advanced energy devices at the heart of Creo provides an excellent opportunity to continue the work Albyn Medical has undertaken to date and to advance the commercial roll-out of Creo’s complementary product range.”