By Dominic Chopping
STOCKHOLM--Investor AB said Tuesday that its Sarnova subsidiary has completed the acquisition of Allied 100, a specialty distributor of automated external defibrillators, for $290 million.
The company said Allied 100 will be combined with Sarnova's Cardio Partners business to create a new Sarnova business unit, Sudden Cardiac Arrest solutions, which will be dedicated to providing a comprehensive portfolio of automated external defibrillator products, training and services to the professional and civilian first responder markets.
For the 12-month period ending June, Allied 100 revenue was around $117 million with adjusted earnings before interest, tax, depreciation and amortization of $20 million, with mid-single-digit organic growth over the past three years, Investor said.
The total consideration of $290 million will be funded with $210 million equity from Investor's Patricia Industries and the remainder from Sarnova's balance sheet cash and external debt.
Investor is the investment vehicle of Sweden's prominent Wallenberg family and owns stakes in some of the country's largest companies, including telecom major Telefon AB LM Ericsson, home-appliance manufacturer Electrolux AB and lender Skandinaviska Enskilda Banken AB.
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(END) Dow Jones Newswires