Vitrolife acquires the business of UK distributor Parallabs
Vitrolife has today acquired the business of Parallabs Ltd, its distributor in UK and Ireland for EmbryoScope time-lapse systems, and thereby strengthens its presence in UK and Ireland.
Parallabs Ltd has been the Vitrolife UK and Ireland distributor for EmbryoScope time-lapse systems since 2011 and has achieved a high penetration for time-lapse in the market. “The acquisition strengthens Vitrolife in the UK and Ireland by getting access to a wealth of experience from Parallabs, as well as being able to offer customers the complete Vitrolife portfolio from a single sales channel”; says Thomas Axelsson, CEO of Vitrolife AB. “We are delighted to join Vitrolife and together build on the presence and reputation of both companies”; says Phil Branston, majority owner and founder of Parallabs Ltd.
The initial purchase price amounted to GBP 1.9 million. The purchase price was paid in cash and was financed by available cash balances. In addition to the initial purchase price, additional purchase price of GBP 0.5 million may be paid in relation to sales targets. The transaction is expected to be accretive to group revenue of approximately GBP 1 million for a twelve-month period and marginally accretive to EBITDA per share.
May 10, 2019
VITROLIFE AB (publ)
Thomas Axelsson, CEO
Queries should be addressed to:
Thomas Axelsson, CEO, tel 46 31 721 80 01
Mikael Engblom, CFO, tel 46 31 721 80 14
The information was submitted for publication, through the agency of the contact person set out above, at 12.00 pm CET on May 10, 2019.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
Vitrolife is an international medical device Group. Vitrolife develops, produces and markets medical devices for assisted reproduction.
Vitrolife has approximately 390 employees and the company's products are sold in about 110 markets. The company is headquartered in Gothenburg, Sweden, and there are also offices in Australia, Belgium, China, Denmark, France, Germany, Italy, Japan, United Kingdom and USA. The Vitrolife share is listed on NASDAQ Stockholm.
Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate identity number 556354-3452. Tel: 46 31 721 80 00. Fax: 46 31 721 80 99. E-mail: email@example.com. Website: www.vitrolife.com/