Moog Acquires Medical Device Company
March 8, 2007—Moog Inc. entered into definitive agreement to acquire Zevek International Inc. for $ 83.8 million.
According to the company's press release, Moog will use its existing revolving credit facility to finance the transaction.
Closing is expected this month and is subject to approval by ZEVEK shareholders and appropriate regulatory approvals. The company estimates that its medical devices segment sales will approach $65 million, including $25 million for a half year.
Zevek distributes a complete line of portable pumps, stationary pumps and disposable sets used in the delivery of enteral nutrition for hospitals, nursing homes and patient home care. They are marketed under the brand names EnteralLite and EnteraLite Infinity.
The acquisition is Moog's third in the medical device market as it acquired Curlin Medical and McKinley Medical in 2006. For the most recent twelve month period, two-thirds of the revenues were related to infusion therapy and the balance generated by hand pieces, sensors and organ transplant systems.