Synergy Health buys only Swiss gamma and X-ray irradiation facility

UK-based Synergy Health (LSE: SYR), a provider of outsourced sterilization services to the medical device market and health care sector, has acquired Leoni Studer Hard from Leoni Group for a cash consideration of 47.6 million euros ($62.7 million), which will be funded out of existing debt facilities.

Leoni Studer Hard operates a gamma and X-ray facility in Daniken, Switzerland, providing irradiation sterilization services to the medical device, pharmaceutical and packaging industries. The business is the only provider of these services in Switzerland. In the year ended 31 December 2011, Leoni Studer Hard recorded revenues of 10.4 million euros ($11.4 million), EBIT of 3.7 million euros and had gross assets of 35.7 million euros. Sales through the X-ray facility are growing strongly and the cash consideration equates to a 7.7 x EBITDA multiple.

Provides access to X-ray technology and intellectual property