Creo Medical Group PLC (AIM:CREO) said it is acquiring a manufacturer of components used in its CROMA Advanced Energy platform.
The purchase of Aber Electronics will “complement Creo's research, design and manufacturing processes, provide additional specialist microwave and radio frequency capability”, investors were told.
Chief executive Craig Gulliford added: "Being an existing customer of Aber and having worked closely with the management team for a number of years, we are familiar with the quality of its products and the team there, and I'd like to welcome them all to the Creo Group.
“This acquisition fits with the 'buy' aspect of our three-tiered 'build, buy, partner' strategy, in acquiring a company with existing manufacturing operations, to complement and add capability in Creo's product development and production."
The exact financial terms were not revealed, however Creo said it would be paying a fixed cash sum plus a “contingent consideration” paid over three years.
Creo is the pioneer of the next generation of minimally invasive surgical technology bringing advanced energy, surgical tools to even smaller spaces while operating via standard flexible endoscopes such as colonoscopes, gastroscopes, duodenoscopes and echoendoscopes.
Its CROMA system, powered by Kamaptive technology, combines both adaptive bipolar radiofrequency (RF) and super high-frequency microwave energy,
Its flagship Speedboat product allows interventional endoscopists and surgeons to make an incision, dissect and to coagulate the blood with one device obviating the requirement to switch instruments.
The Speedboat products, along with Creo’s MicroBlate ablation technology, and its SlypSeal non-stick sealing device, work from a single advanced energy platform called CROMA.