Surgical endoscopy specialist Creo Medical Group PLC (AIM:CREO) hailed the success of its Albyn Medical acquisition after the first tranches of the deal's earn-out agreement were triggered.
Creo paid an upfront €24.8mln for the sales operation and offered its former owners the chance to earn a further €2.7mln over two years. Creo also agreed to acquire the remaining 10% of Albyn still held by the original owners.
On Wednesday, Creo said it was buying half the outstanding shares for €1.2mln and would hand over an earn-out sum of €1.7mln.
“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,” said chief executive Craig Gulliford.
“We're delighted to see that the 'buy' element of our 'build, buy, partner' strategy is yielding positive results."
Creo said the Albyn acquisition had increased revenue year-on-year, adding that the integration was now yielding new users of the group's core surgical endoscopy technology.