21st March 2022

Creo Boss Hails Impact Of Acquired Firm

The chief executive of Creo Medical Group has hailed the performance of the Albyn Medical team since its 2020 acquisition in an update on the earn-out associated with the deal.

Albyn Medical, which is based in Spain, was acquired in July 2020 for an equity value of €24.8m plus up to €2.7m of performance related consideration payable over two years.

The acquisition, which was supported by Osborne Clarke, BDO, Cenkos, Walbrook PR and AON, won International Deal of the Year at Insider’s Wales Dealmakers Awards 2021.

Ninety per cent of Albyn’s issued share capital was acquired at closing in 2020, with the remaining 10 per cent to be acquired over the proceeding two years for a consideration calculated against performance targets.

Due to the successful performance of Albyn, Creo has acquired 50 per cent of the remaining 10 per cent of the issued share capital of Albyn for a consideration of €1.2m and the first tranche of the earn out payment, being €1.7m, has been satisfied in cash.

The successful acquisition has increased the group’s revenue year-on-year and the integration of Creo’s European direct sales teams is now yielding new users of the group’s core technology.  Albyn is now operating under the Creo Medical brand.

Creo chief executive Craig Gulliford said: “That the Albyn team have successfully fulfilled the acquisition earn out criteria shows that they are performing well in what has been a challenging period given the pandemic, and they are now a fully integrated part of the group.

“We’re delighted to see that the ‘Buy’ element of our ‘Build, Buy, Partner’ strategy is yielding positive results.”