CANTEL MEDICAL CORP. (NYSE: CMN), through its Mar Cor Purification subsidiary, has continued the expansion of its water purification and filtration segment by purchasing Texas-based Purity Water Company of San Antonio, Inc. Purity provides water treatment equipment and services for laboratory, industrial, medical, pharmaceutical and semiconductor customers in Texas and neighboring states. The acquired business had pre-acquisition revenues of approximately $3.0 million. This cash deal is expected to be slightly accretive to Cantel's earnings per share in the first year.
Curt Weitnauer, President of Mar Cor Purification, stated, "Adding Purity's strong brand name and strategic Texas presence to Mar Cor's leadership position in medical water enables us to better serve our national customers and further expand our business into commercial and industrial segments. We expect to drive incremental growth with the addition of Mar Cor's capabilities and broad portfolio of products and services."
Cantel's President and CEO, Andrew Krakauer, added, "Building atop the success of our acquisition of GE Water & Process Technologies' dialysis water business and other Mar Cor regional acquisitions, we are continuing to execute our strategy of creating a nationwide service network to meet the needs of our customers. The opportunity to achieve both top and bottom line synergies and accelerate the pace of our growth in the South, particularly Texas, will strengthen our successful water purification and filtration business, which has continued to improve its performance year after year. I am very pleased with the leadership of our Mar Cor group, and we will continue to invest both organically and via acquisition in this business, which is now Cantel's largest reporting segment in annual revenue. The team has done an outstanding job bringing this deal to fruition."
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