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Evoqua Water Technologies Closes Acquisition of Renal Business from Steris.

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MANews-(C)2009-2022

US-based water treatment solutions company Evoqua Water Technologies (NYSE: AQUA) has closed the acquisition of the assets of the renal business historically operated by Mar Cor Purification and Cantel Medical, subsidiaries of Irish medical equipment company Steris plc (NYSE: STE) for USD 196.3m, the company said.

Mar Cor is a manufacturer and servicer of medical water, commercial and industrial solutions in North America and will expand Evoqua's service footprint and further its reach into the healthcare vertical market.

The acquired business is headquartered in Plymouth, Minnesota, with 27 service and regeneration facilities in the United States and Canada, and offers significant technical expertise in designing, building, and servicing high-purity water treatment systems to an installed base of approximately 5,500 sites.

The acquired business' installed base and large footprint is expected to provide Evoqua with a highly recurring stream of service and aftermarket revenues in an attractive market.

The business is expected to generate annualized revenues of approximately USD 180m and adjusted EBITDA of approximately USD 27m before synergies.

Upon closing the transaction, the business will be part of Evoqua's Integrated Solutions and Services segment.

The purchase price...

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