Cardinal Health (NYSE:CAH) has acquired for $165 million a Canadian medical products supplier that focuses on selling to nursing homes.
The purchase of Futuremed Healthcare Products strengthens Dublin, Ohio-based Cardinal’s presence in Canada and offers Cardinal new customers for its existing medical products.
Futuremed specializes in selling consumable nursing home supplies and furniture, and equipment to long-term care facilities, according to a statement from Cardinal. The company sells a wide range of products, from syringes to beds to training stairs used for physical therapy.
It recently added a dedicated sales force to sell to the physician supply market and offers similar products to doctors.
“We expect to generate significant synergies as we build off our existing platforms and business-partner relationships, enabling more efficient offerings to our customers,” said David Lees, president of Cardinal’s Canadian division.
The deal is subject to the approval of shareholders of Futuremed, which is traded on the Toronto Stock Exchange. The transaction is expected to close in the first quarter of 2012, according to the statement.