UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD) on Monday announced that it has completed its previously announced acquisition of privately-held Buffalo Filter LLC from Oak Brook, Illinois–based Filtration Group.
The acquired company is located in the Buffalo suburb of Lancaster.
The Utica–based surgical-device maker had said it would pay $365 million in the transaction when it was announced, per a Dec. 13 news release.
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ConMed is financing the transaction through a combination of the net proceeds of the company’s new 2.625 percent convertible notes, which it issued Jan. 29; borrowings under the company’s amended and restated credit facility; and cash on hand.
The company plans to provide additional guidance regarding the impact of the transaction on 2019 financial results when it reports first quarter financial results in late April.
Surgeons and physicians use ConMed’s products in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery and gastroenterology. ConMed, which employs about 3,100 people, has a direct selling presence in 19 countries, and international sales make up about 50 percent of the company’s total sales.
About Buffalo Filter
Founded in 1991, Buffalo Filter develops surgical-smoke evacuation technologies, ConMed said. The company’s product portfolio includes smoke-evacuation pencils, smoke evacuators, and laparoscopic products.
On its website, Buffalo Filter describes surgical smoke as a “dangerous by-product generated from the use of lasers, electrosurgical pencils, ultrasonic devices and other surgical instruments. As these instruments cauterize [or burn the skin or flesh] vessels and destroy (vaporize) tissue, fluid and blood, they create a gaseous material known as smoke.”
Contact Reinhardt at ereinhardt@cnybj.com
