16 April 2024 - Today, Duomed announced joining into exclusive negotiations with Palex Medical for the contemplated sale of 100% of Duomed’s capital. The combined group would significantly enhance its position as a truly pan-European platform, providing medical technology (“MedTech”) equipment and solutions across Northern, Western, and Southern Europe.
Palex is a company focused on the distribution of high value-added MedTech equipment and solutions in the Spanish, Portuguese and Italian markets. Palex’s success is built on its ability to detect, create, and adapt innovations specifically and efficiently to each country, territory, and team. Its commitment to supporting professionals in their daily work would be further strengthened by this potential combination.
For the last seven years, Duomed has successfully grown its footprint across North and Central Europe with the support of G Square, expanding from 3 to 10 countries served today. With more than 50 years’ experience, it has developed a strong reputation focused on high quality service and innovative products, and spanning 17 therapeutic areas.
The combined group would benefit from an expanded geographic footprint, a strengthened product portfolio and therapeutic area coverage which would help customers and enhance their value proposition for their original equipment manufacturers (“OEM”) partners who are increasingly looking for multi-country solutions.
Conditional upon the successful completion of the transaction, Duomed would continue to operate across value-added products, using its existing business model and go-to-market strategy. It would maintain its local identity and breadth of solutions for its customers via therapeutic area verticals, and through dedicated experts.
Xavier Carbonell, CEO of Palex, said: "This not only represents growth for Palex and Duomed, but also an opportunity for healthcare, science, and research professionals in each of these countries, as well as for our providers of technological innovations. As a pan-European leader in technological solutions for healthcare, science, and research, we would be better positioned than ever to collaborate with suppliers worldwide and offer them a partner with even broader knowledge and team”.
Frederic Hoffmann, CEO of Duomed, commented: “It was of prime importance to find a forward thinking, dynamic partner for our future, that would enhance our reputation and commitment to providing unparalleled customer service via technical expertise and extensive market knowledge. This strategic move would do all of this while allowing our approach to customers and suppliers to remain unchanged. We are looking forward to start working with our new colleagues at Palex, and to together build an even stronger company and value proposition for our colleagues, customers and OEM partners alike”.
Completion of the proposed transaction is subject to certain consultation processes with the relevant employee representative bodies of the Duomed group, exercise of a unilateral put option right and to customary closing conditions. It is expected to close in Q3 2024. Financial terms were not disclosed.
Duomed was advised by De Brauw Blackstone Westbroek as legal counsel, and William Blair as financial advisor.
About Duomed
Headquartered in Belgium, Duomed is a fast-growing European MedTech distributor, with specialization in Endoscopy, Surgery, Critical Care, Medical Imaging, Physiological Monitoring and Infection Control. Duomed makes the difference on the market it serves, by offering high-quality reliable and sustainable solutions to its customers, combining both consumables, capital equipment, technical service, IT integration, clinical training & education, as well as CRO services. Duomed counts +600 employees and is active in 10 countries, has a revenue forecast of €290 million in 2024 and is headquartered in Aartselaar (Belgium).
For further information about Duomed, please visit www.duomedgroup.com.
About Palex Medical
Palex, founded in 1955 by the Knuth family, is a company focused on the marketing, sales and logistics of high value-added MedTech equipment and solutions in the Spanish, Portuguese and Italian markets. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio (+150,000 references) from world-leading Tier-1 manufacturers (+600 partnerships) and own products across numerous therapeutic areas. Palex counts with +930 employees, has a revenue forecast of €660 million in 2024 and is headquartered in Sant Cugat del Vallès (Barcelona, Spain).
For further information about Palex, please visit www.palexmedical.com.