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Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical technology for minimally invasive surgery, announces the proposed acquisition of Elemental Healthcare Limited, a UK-based specialist distributor of medical products. Elemental has been owned and managed by Adam Power and David Marsh, and has been the exclusive distributor of SI branded products in the UK, since 2007.
Nigel Rogers, Executive Chairman of SI, said:
"The coming together of Surgical Innovations and Elemental is a natural progression for such a long-standing and inter-dependent partnership. Not only does this acquisition add further profitability and cash generation to the Group, but also provides SI with a direct route to the UK market through an experienced UK direct sales force. In addition, we look forward to utilising Adam and David's commercial experience to prioritise new product innovation, and drive our marketing and business development in the UK and export markets."
Adam Power, Managing Director of Elemental, said:
"This deal brings together two highly complementary and long established businesses; both focused on providing the highest levels of personal service to the medical device sector. With our respective strengths and heritage, the two businesses have already enjoyed a long history of working together. We will look to build on our current expertise and reputation, sharing each other's knowledge and experience. This creates a powerful and innovative new company with the aim of growing substantially, both through increasing organic growth and potentially through further acquisitions."
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