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Comecer completes Veenstra buy

by Brendon Nafziger, DOTmed News Associate Editor | April 05, 2012
Comecer says deal
expands company's nuclear
medicine portfolio.
Comecer SpA, an Italian maker of radiation protection devices, said this week it wrapped up its purchase of Veenstra Instruments, a Dutch company that sells nuclear medicine accessories and software. Terms of the deal, finalized on April 2, weren't disclosed.

Privately held Comecer, based in Castel Bolognese, Italy, sells manipulation hot cells and automated systems for working with radiopharmaceuticals, as well as equipment for decommissioning nuclear facilities or disposing of radioactive waste. Veenstra, based in Joure, Netherlands, makes and distributes dose calibrators, radiation monitors, lead aprons and hot lab management software.

The acquisition now allows Comecer to provide "first-class services for nuclear medicine in every aspect -- concept, electronics, mechanics and software," the company said. It will also allow expanded access to U.S. markets for Veenstra, which now does most of its business in Europe, according to the company.
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The corporate structures of the two companies won't be changed, and Veenstra will retain its own brand, Comecer said.

"We're a shielded-equipment based [company], and Veenstra is more of a technology-driven, radiation detection [company]. Therefore, the integration of Veenstra is synergistic and welcomed," Armando Sera, global business manager of the Americas for nuclear medicine with Comecer Inc., the company's U.S.-based branch, told DOTmed News.

The deal, which has been in the works for four months, was supported by Fondo Italiano d'Investimento SGR SpA, a private equity firm established by Italy's ministry of economy and finance, and a coalition of banks to help grow small to medium-sized businesses. In March 2011, Fondo became a Comecer shareholder, and now owns 33 percent of the company, Comecer said.

Comecer had annual sales of 34.9 million euros ($45.8 million) last year, with 80 percent of revenues coming from the nuclear medicine division, the company told DOTmed News. Veenstra's 2011 revenues were around 7 million euros ($9.2 million), Comecer said. Comecer has about 200 employees, and Veenstra 40, the company said.

Marco Polo Advisor served as financial advisors on the deal, and Curtis, Mallet-Prevost as legal advisors, Comecer said.

Comecer's Americas branch, Comecer Inc., was founded in 2007 to establish a physical presence in its second most important market, the company said.

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