Manchester-based healthcare and industrial adhesives firm Scapa Group said it acquired BioMed Laboratories LLC of Dallas, Texas for up to $32 million.
The purchase price comprises an initial $19 million in cash with a further cash payment of up to $13 million payable depending on performance in calendar years 2018 and 2019.
BioMed is a developer and manufacturer of gels, creams, lotions, liquids, powders and hot filled wax based products in the OTC, wound care and skin care markets.
Scapa Group CEO Heejae Chae said: “The acquisition of BioMed, which further enhances our capabilities and takes us beyond the adhesive based value chain, is another key step in the execution of our healthcare strategy to be the single source for turn-key solutions to our global healthcare customers.”
BioMed CEO Roger Liebelt said: “Becoming part of Scapa Healthcare’s growing business is an exciting step for BioMed.
“It is evident that Scapa values our strong foundation and valuable relationships with our customers and employees, which have been carefully considered throughout this process.
“I am confident that Scapa will build upon our shared principles to create greater value for customers.”