ConMed HQ (photo credit: ConMed website)
UTICA, N.Y. — ConMed Corp. (NASDAQ: CNMD), a Utica–based surgical-device maker, announced it has agreed to acquire privately-held Buffalo Filter LLC for $365 million in a transaction that is expected to close in the first quarter of 2019.
Buffalo Filter is a “globally recognized brand in surgical safety,” a firm that specializes in surgical-smoke evacuation products, ConMed said in a news release.
The acquired company is located in the Buffalo suburb of Lancaster. It is part of the Oak Brook, Illinois–based Filtration Group, per its LinkedIn page.
The transaction is expected to be financed through a combination of new convertible notes and an expanded and amended credit facility, ConMed said.
“This acquisition is a strong strategic fit with our general surgery portfolio, and the platform technology provides us a leading position in the high-growth smoke-evacuation market,” Curt Hartman, president and CEO of ConMed, said in the firm’s release. “We believe this technology, combined with our focused innovation in the surgical suite, will deliver impactful solutions to address significant challenges confronting healthcare practitioners and their patients. We look forward to welcoming Buffalo Filter’s talented team to ConMed.”
About Buffalo Filter
Founded in 1991, Buffalo Filter develops surgical-smoke evacuation technologies, ConMed said. The company’s product portfolio includes smoke-evacuation pencils, smoke evacuators, and laparoscopic products.
On its website, Buffalo Filter describes surgical smoke as a “dangerous by-product generated from the use of lasers, electrosurgical pencils, ultrasonic devices and other surgical instruments. As these instruments cauterize [or burn the skin or flesh] vessels and destroy (vaporize) tissue, fluid and blood, they create a gaseous material known as smoke.”
“We are excited to join ConMed and continue our mission of improving safety in the operating room,” Samantha Bonano, president and CEO of Buffalo Filter, said in the ConMed release. “We believe that the combination of our dedicated teams, as well as our proven research and development expertise, will enable us to continue to bring best-in-class smoke-evacuation products to a growing global market.”
Contact Reinhardt at ereinhardt@cnybj.com
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