Medical supply company Owens and Minor has made another move to further expand in Europe.
For its second acquisition in the last four months, a local Fortune 500 is hopping across the Atlantic.
Owens & Minor struck a deal last week to acquire ArcRoyal, a surgical supply maker headquartered in Ireland. The Mechanicsville-based healthcare supply logistics firm announced the pending acquisition Sept. 19. A price was not disclosed because ArcRoyal is privately held.
It expects the transaction to close in the fourth quarter, around the same time its other large pending buyout is expected to be finalized.
Its $208 million purchase of New York-based Medical Action Industries was announced in late June.
An O&M spokesperson did not respond to a request for comment about the ArcRoyal deal or the company’s busy year of acquisitions.
The ArcRoyal purchase marks the second time O&M has looked to Europe for expansion in the last two years. It bought logistics firm Movianto Group in 2012 for approximately $165 million. That gave it a new European foothold of 23 logistics centers in 11 countries and more than 1,000 new employees.
O&M generated $9 billion in revenue last year. It operates in a supply chain that delivers medical supplies to and from customers that include hospitals and manufacturers.
But acquisitions don’t come without some potential obstacles for large publicly traded firms.
O&M’s pending purchase of Medical Action Industries was met with two lawsuits filed in New York by Medical Action shareholders.
They claim the deal undervalues Medical Action to the detriment of its shareholders and should be halted. They are seeking class action status and allege breach of fiduciary duty by Medical Action and some of its directors.
O&M is named as a defendant in the cases on claims that it aided and abetted the other defendants.
Those cases are still pending.
Medical supply company Owens and Minor has made another move to further expand in Europe.
For its second acquisition in the last four months, a local Fortune 500 is hopping across the Atlantic.
Owens & Minor struck a deal last week to acquire ArcRoyal, a surgical supply maker headquartered in Ireland. The Mechanicsville-based healthcare supply logistics firm announced the pending acquisition Sept. 19. A price was not disclosed because ArcRoyal is privately held.
It expects the transaction to close in the fourth quarter, around the same time its other large pending buyout is expected to be finalized.
Its $208 million purchase of New York-based Medical Action Industries was announced in late June.
An O&M spokesperson did not respond to a request for comment about the ArcRoyal deal or the company’s busy year of acquisitions.
The ArcRoyal purchase marks the second time O&M has looked to Europe for expansion in the last two years. It bought logistics firm Movianto Group in 2012 for approximately $165 million. That gave it a new European foothold of 23 logistics centers in 11 countries and more than 1,000 new employees.
O&M generated $9 billion in revenue last year. It operates in a supply chain that delivers medical supplies to and from customers that include hospitals and manufacturers.
But acquisitions don’t come without some potential obstacles for large publicly traded firms.
O&M’s pending purchase of Medical Action Industries was met with two lawsuits filed in New York by Medical Action shareholders.
They claim the deal undervalues Medical Action to the detriment of its shareholders and should be halted. They are seeking class action status and allege breach of fiduciary duty by Medical Action and some of its directors.
O&M is named as a defendant in the cases on claims that it aided and abetted the other defendants.
Those cases are still pending.