ConvaTec to snap up Texas-based catheter supplies firm

Medical products and technologies provider ConvaTec Group has signed an agreement to purchase the assets of Southlake Medical Supplies - a Texas-based independent provider of catheter-related supplies - for an undisclosed consideration, it announced on Wednesday.

The FTSE 250 company said that for the year ended 31 December, Southlake delivered revenues of around $5m (£4m).

It said the acquisition was expected to close on 30 September, subject to usual formalities.

“The addition of Southlake to our Home Distribution Group will further strengthen our presence in an important US market,” said ConvaTec’s executive chairman, Rick Anderson.

“We look forward to bringing our distinctive service and personal support to even more customers, as the leading supplier of urinary catheters in the US.”