Integra LifeSciences to acquire Miltex in $101 million cash deal

By E. Janene Geiss

Philadelphia, April 20 - Integra LifeSciences Holdings Corp. announced Thursday that it has agreed to acquire the shares of Miltex, Inc. for about $101 million in cash, subject to certain adjustments.

"Miltex will ... provide us with a broader platform on which to grow our business, as it participates in the alternate site, dental and veterinary markets," Stuart M. Essig, Integra's president and chief executive officer, said in a company news release.

The acquired company name will not change, officials said. Miltex's senior management team will join the leadership team at Integra.

The company said it expects to close the transaction in the second quarter.

Miltex sells the Miltex, Meisterhand, Vantage, Moyco, Union Broach and Thompson products in more than 65 countries, using a network of independent distributors.

Integra said it will acquire Miltex's manufacturing and distribution facility in York, Pa., which employs about 200 employees. Miltex also operates a leased facility in Tuttlingen, Germany, where Miltex's staff coordinates design, production and delivery of instruments. After closing, Miltex said it will continue to manufacture and ship its products from York.

The acquisition is expected to be neutral to Integra's earnings for the remainder of 2006 and accretive to Integra's earnings thereafter, officials said.

Integra said it expects to provide detailed guidance regarding the financial aspects of the transaction, including the impact of purchase accounting, and its expected impact on Integra's future financial results on its first-quarter earnings conference call scheduled for May 8.

Miltex, based in York, Pa., is the maker of surgical and dental hand instruments to alternate site facilities, which includes physician and dental offices and ambulatory surgery care sectors. Miltex generated revenues of $62 million and operating EBITDA of $13 million for the year ended Dec. 31.

Miltex is a portfolio company of American Securities Capital Partners LP, a private equity firm in New York that pursues investments in partnership with management teams in companies with leading market positions servicing attractive industries.

Integra LifeSciences is a Plainsboro, N.J., medical technology company that develops, manufactures and markets medical devices for use in a variety of applications, including neurosurgery, reconstructive surgery and general surgery.

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