OrbusNeich Medical Group Holdings, through its wholly owned subsidiary, has acquired an 84% stake in Indonesian distributor PT Revass Utama Medika.
The initial estimated amount for this deal is $15.12m. The actual consideration, anticipated to range between $10.08m and $20.16m, will be determined according to PT Revass’ actual profit in financial year 2023 (FY 2023).
OrbusNeich plans to finance the acquisition using funds from its worldwide offering proceeds and cash generated from operations.
PT Revass is engaged in the distribution and sale of neuro intervention, cardiovascular intervention, peripheral intervention, and continuous renal replacement therapy products.
The company established an extensive sales network that covers 30 major cities throughout the Indonesian archipelago.
In 2010, OrbusNeich launched the first balloon product, Sapphire, in the Indonesian market.
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OrbusNeich chair, executive director, and CEO David Chien said: “With the acquisition of PT Revass, the group will shift from a distribution model to a direct sales model in the Indonesian market.
“This will not only directly increase the group’s revenue and profitability, but also effectively accelerate our further penetration in this fast-growing economy with a huge population.”
In FY 2022, PT Revass earned a profit after tax of Rp14.3bn ($920,000).
As of 30 June 2023, the company’s unaudited net asset value stood at approximately Rp88.1bn.
After the acquisition is completed, PT Revass will become an indirect non-wholly-owned subsidiary of OrbusNeich.
PT Revass president director Andriatno Martono said: “Under the leadership of OrbusNeich, which has rich marketing experience in the international market and high-quality and innovative products, we will be able to introduce more high-quality vascular interventional medical devices to the Indonesian market and benefit more patients there.”
OrbusNeich is involved in the manufacturing of interventional devices for percutaneous coronary intervention and percutaneous transluminal angioplasty procedures.