Covalon Technologies closes $12m AquaGuard buy

Covalon Technologies said yesterday it closed its $12.4 million (CAD $16.1 million) acquisition of Cenorin’s AquaGuard division.

Cenorin’s AquaGuard develops products intended to provide patients with moisture protection for wound, surgical and vascular access sites during showers, Ontario-based Covalon said.

Covalon said that during its last fiscal year, the AquaGuard business recorded sales of $8.5 million (CAD $11.1 million) and $526,000 (CAD $683,000) in profits.

“I am delighted to welcome the AquaGuard team to Covalon. As a unified company, AquaGuard and Covalon can market and sell a strong portfolio of infection management products such as IV Clear, MediClear Pre-Op, SurgiClear, and AquaGuard into an established client base of over 1,500 hospitals and clinics in the United States. The synergy opportunities for Covalon are truly transformative to Covalon’s United States footprint,” Covalon CEO Brian Pedlar said in a press release.

The deal, which was originally announced last month, also includes a potential approximate $900,000 (CAD $1.2 million) in milestone payments that could be paid out by December 31, Covalon said.

In August, Covalon said that it received $3.5 million as part of a new licensing agreement with an unnamed large global medical company.

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