Stryker Inks Deal For Ulcer Device Maker
Stryker Corporation will pay $150 million for Gaymar Industries, which manufactures temperature management devices and pressure ulcer treatment technology. The deal is expected to close by October 1. Gaymar is owned by private equity firms Nautic Partners and Norwest Equity Partners.
The buyout is the culmination of a 10-year relationship between the two companies. Gaymar has been providing Stryker with exclusive rights to sell support surface and pressure ulcer management products to acute care customers in North America. It reported sales of $77 million in 2009, of which approximately $14 million were related to the OEM relationship with Stryker.