LITTLE FALLS, N.J - This is a news release from Cantel Medical
Cantel Medical Corp. (NYSE: CMN) today announced that it acquired the assets of Pure Water Solutions, Inc. for a purchase price of $11.9 million in cash consideration. Headquartered in Ridgeland, Mississippi, Pure Water Solutions provides water purification and treatment services for commercial and industrial, laboratory and medical customers out of eight regional offices throughout the Southeastern United States. The company had pre-acquisition unaudited revenues and EBITDA of just over $8 million and $2 million, respectively, for the trailing twelve months. This transaction is expected to be neutral to Cantel's GAAP EPS in FY15 and slightly accretive to its non-GAAP1 EPS in FY15, and is expected to be accretive on both a GAAP and non-GAAP basis thereafter.
Curtis Weitnauer, President and CEO of Mar Cor Purification, stated, "Adding the Pure Water Solutions business and its strategic Southeastern US market presence to our leadership position in life sciences water purification and filtration enables us to better serve our national customers and further expand our commercial and industrial segments. We expect to drive incremental growth with the addition of Mar Cor Purification's capabilities and broad portfolio of products and services."
Rob Simmons, Chief Executive Officer of Pure Water Solutions, will continue as an employee of Mar Cor Purification, where he will assist in the integration and continued service of the Pure Water Solutions customer base and the growth of the broader commercial and industrial water business.