Stryker spends $150 million to buy Gaymar Industries

Kalamazoo’s Stryker Corporation is buying a company that provides solutions for pressure ulcers, or what is commonly called bed sores.

Stryker agreed to acquire the privately held Gaymar industries for approximately $150 million in cash.

Gaymar’s specialty is support surface and pressure ulcer management solutions and the temperature management segment of the healthcare industry.

The transaction has been approved by both the boards of Stryker and Gaymar Industries and is expected to close by Oct. 1

The Gaymar Industries acquisition fits with Stryker’s goals to expand its existing product offerings and sales force, says Stephen P. MacMillan, Chairman, President and Chief Executive Officer of Stryker.

Gaymar comes with a portfolio of products aimed at an approximately $1.8 billion market worldwide, MacMillan says. Gaymar’s temperature management systems also are expected to be attractive to Stryker customers.

Gaymar Industries, founded in 1956, has been owned by private equity firms Nautic Partners and Norwest Equity Partners since 2003.

Previously, Gaymare gave Stryker’s Medical Division exclusive rights to sell support surface and pressure management products to acute care customers in North America. Gaymar hit sales of approximately $77 million in 2009. About $14 million of those came about through the agreement with Styker.

Kent Davies, CEO of Gaymar, calls the Gaymar and Stryker product portfolios complementary and the purchase will allow Styker to offer more innovations that help keep patients healthy and reduce health care costs.

“Through Stryker, we will provide more opportunities to our employees, our customers and the patients that we serve,” says Davies.

Stryker, one of the world’s leading medical technology companies, provides innovative orthopedic implants as well as state-of-the-art medical and surgical equipment to help people lead more active lives.

Writer: Kathy Jennings
Source: Kent Davies, Gaymar Industries