by Loren Bonner
, DOTmed News Online Editor | May 05, 2014
Steris Corp., the Mentor, Ohio-based maker of sterilizers and other medical equipment, has added another independent company to its portfolio.
DOTmed News has been told that Steris recently acquired Life Systems, an independent endoscopy sales and repair company based in Chesterfield, Mo.
They will be part of Spectrum Surgical, a subsidiary of Steris.
In 2012, Steris began making a series of successive acquisitions, starting
with the privately held US Endoscopy, as an attempt to enter the gastrointestinal devices market. That purchase was made for a reported $270 million.
That acquisition was quickly followed by the purchase of two independent surgical instrument repair companies: Spectrum Surgical Instruments Corp. and Total Repair Express. Steris said it paid $110 million for these two companies.
More recently, April 1, Steris announced that it entered into an agreement to purchase the independent endoscope repair, surgical instrument management and sterile processing consulting company, Integrated Medical Systems International Inc., for $165 million, plus approximately $10 million for the purchase of real estate.
"A key element of our growth strategy has been to expand our Specialty Services business through a combination of organic growth and acquisition," said Walt Rosebrough, president and CEO of Steris, in a written statement.
All of the newly acquired companies are part of Steris' specialty services business, which provides services like space decontamination solutions, chamber cleanings and instrument repairs.
DOTmed reached out to Steris but they said they would not be able to discuss their growth strategy, including acquisitions, in detail.
In previous news releases about the deals, Rosebrough said Steris wants to expand in areas that not only have attractive market dynamics but are also similar to Steris' businesses.