IMS To Be Acquired By STERIS Corporation
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Integrated Medical Systems International, Inc. (IMS) today announced a definitive agreement to be acquired by STERIS Corporation.
Birmingham-based IMS is the corporate successor of a medical products sales company founded in the early 1980s. Today, IMS is a leading surgical instrument management and clinical consulting company.
STERIS’s roots reach to 1894 with the founding of the American Sterilizer Company. Today, STERIS (NYSE:STE), based in Mentor, Ohio, is a leader in the manufacture and sale of infection prevention and surgical products and services.
When the transaction closes, IMS will be integrated into STERIS’s Healthcare segment as part of its Specialty Services business, which provides services including surgical instrument and endoscope repair, comprehensive educational programs and a portfolio of products and solutions for the Operating Room and Sterile Processing Department.
The transaction is subject to customary closing conditions and regulatory approval and is anticipated to close before the end of June 2014. Until the transaction closes, both companies will continue to operate independently, with no changes in business practices. IMS customers will continue to use their existing processes, including established points of contact with field-based staff, clinical education and other support services.
“I am grateful to the customers who have allowed us to serve them in healthcare facilities throughout the country, and I am grateful to the IMS employees who have worked diligently to serve the ‘loved one on the table,’ the patient,” said IMS Founder and CEO Gene Robinson.
STERIS is assuming the leases on IMS facilities in Florida and Maryland and is purchasing the 15-acre campus IMS has been developing in Birmingham’s Sloss Business District. “This campus, which is part of an ongoing revitalization effort, provides an excellent base for what I hope will be many years of growth, innovation and success for STERIS,” Robinson said.
Walt Rosebrough, President and CEO of STERIS Corporation, said the acquisition is part of STERIS’s strategy to grow its Specialty Services business through organic growth and acquisition. “We are excited about this opportunity to build upon what we do best – help our hospital Customers improve processes, increase quality and save money.”
Houlihan Lokey acted as financial advisor and Sirote & Permutt acted as legal advisor to IMS in connection with the sale.