Stryker Buys Gaymar

KALAMAZOO, Mich. — Orthopedic implant and surgical
equipment maker Stryker Corp. announced Aug. 25 it would acquire
Gaymar Industries for $150 million in an all-cash transaction.

Founded in 1956 and owned by private equity firms Nautic
Partners and Norwest Equity Partners since 2003, Gaymar specializes
in support surfaces, pressure ulcer and temperature management
products. In 2009 the company had sales of $77 million, of which
approximately $14 million were related to a 10-year original
equipment manufacturer relationship under which Gaymar has been
providing Stryker with exclusive rights to sell support surface and
pressure ulcer management products to acute care customers in North
America.

“Gaymar provides our Medical division with an attractive
portfolio of high-performance support surface and pressure ulcer
management products that target an approximately $1.8 billion
worldwide market, while simultaneously enhancing our customer
relationships through the addition of their temperature management
offering,” said Stephen P. MacMillan, Stryker chairman, president
and CEO, in a release.

According to Kent Davies, Gaymar CEO, “The integration of our
complementary product portfolio will strengthen Stryker’s
leadership in patient handling while driving innovations that can
help prevent adverse events and reduce health care costs.”

The boards of directors of both companies have approved the
transaction, which is expected to close by Oct. 1.