Stille Acquires Swiss S&T AG
Stille AB (publ) today signed a contract to acquire 100 percent of the shares in the Swiss company S&T AG with development, manufacturing and sales of microsurgical instruments in the absolute premium segment.
S&T AG was founded in 1966 and has its headquarters and manufacturing in Neuhausen, Switzerland. S&T is globally recognized as one of the world’s leading manufacturers of high-quality microsurgical instruments. The company’s products are marketed through around 50 distributors throughout the world, with the US, the UK and Germany as the most important markets.
”The acquisition of S&T means unifying the industry’s two most high-quality manufacturers of surgical instruments in the premium segment. This brings significant value for Stille's business. Stille’s product offering within microsurgery is now strongly complemented and the two companies’ respective distribution channels offer great opportunities for increased sales”, comments Stille’s CEO Hanna Ernestam Wilkman.
S&T has 20 employees and for the split business year that ended on June 30th, 2021, the preliminary turnover amounts to MCHF 6.1 with an adjusted EBITDA around MCHF 1.6. The acquisition will also include the German sister company S&T GmbH, whose primary function has been to facilitate the export of products from the Swiss company to the European Union.
MCHF 6.0 is paid cash upon the transaction and financed through Stille’s existing cash liquidity and bank loans. Additionally, MCHF 2.5 is being paid in compensation shares which, with the support of the mandate provided by the annual meeting on May 4th, 2021, new shares are being issued without shareholders’ preferential rights. In addition, a further contingent consideration of maximum MCHF 3.0 may be paid earliest 18 months after the acquisition based on the achievement of certain company goals. The purchase price for the German subsidiary S&T GmbH amounts to €25,000, which is equivalent to the share capital in the company.
The transaction was signed and will also be closed today, July 8th, 2021. S&T AG will become a part of Stille’s business area Surgical Instruments. Markus Spingler, CEO at S&T AG, will become the new business unit manager at Stille, with global responsibility for the business area. Markus will also be part of Stille’s management team.
”Stille and S&T have followed each other at a distance for many years, and it feels great to now have the opportunity to develop and grow together. I look forward to being a part of Stille’s organization and integrating our two businesses”, says S&T’s CEO Markus Spingler.
”We have a clear strategy and growth agenda at Stille. It is satisfying to now have succeeded in acquiring a company that meets our high expectations regarding focus, profitability and growth potential. The acquisition marks an important step in Stille’s continued journey in becoming a leading actor within the premium segment for surgical instruments”, says Stille’s Chairman of the Board Lars Kvarnhem.
Torshälla, July 8th, 2021.
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