Synergy Health to Acquire SRI/Surgical Express

Synergy Health, based in Swindon, United Kingdom, has entered into an agreement to acquire SRI/Surgical Express Inc. (SRI), based in Tampa, Fla. Synergy is a provider of sterilization services for the medical device industry, while SRI provides central processing and supply chain management services to hospitals and surgery centers in the United States.

Synergy Health will acquire all of the outstanding shares of common stock of SRI for $3.70 per share in cash. The transaction is currently valued at $25.06 million in equity value and $38.45 million in enterprise value. Both companies’ boards of directors unanimously approved the agreement.

“SRI Surgical, and the healthcare customers we serve, will benefit greatly from this very strategic acquisition,” said Gerald Woodard, CEO of SRI. “Both companies have extensive expertise in sterilization technology, along with 20 years of customer service in this area. We look forward to blending the strengths of SRI and Synergy Health as we focus on the growth of our reusable surgical linens, instrument reprocessing, and CS [customer service] management services.”

“We are very pleased to have the opportunity to bring together the strengths of Synergy Health and SRI Surgical,” said Richard Steeves, Ph.D., CEO of Synergy Health. “I feel confident that the experience and resource of Synergy Health will enable SRI to build upon … its ambition of becoming a national leader in the provision of environmentally sound service solutions for healthcare providers.”