Swedish conglomerate Asker Healthcare has further expanded its presence across the European device market through the acquisition of UK-based medtech repair firm Hugo Technology.
According to Asker, the Black County medical and laboratory device repair firm has an annual revenue of SEK 90m per year ($8.6m) from repairing medical devices in the NHS and private UK health firms.
In June, Asker acquired a German provider of products and digital solutions to the emergency and rescue services, meetB, with an estimated revenue of $32m. In the same month the company would go on to purchase 100% ofcommunication aid company, Funktionsverket, which has a reported annual revenue of SEK 30m ($2.8m) per year.
A spokesperson for Asker told Medical Device Network that the group has done more than 50 acquisitions in the past 15 years.
In 2023, the company made its first steps into the world of medical device maintenance service when it acquired 100 per cent of the shares in Germany’s CRS Medical, calling the Hugo acquisition an add-on.
Now Asker has said the two companies are set to work together closely under the same parent company. Hugo Technologies marks the 41st European company to be acquired by a healthcare entity. The company has confirmed that they are working on further acquisitions across the European MedTech space with more acquisition announcements on the horizon.
Commenting on the latest Hugo acquisition, Johan Falk, CEO of Asker Healthcare Group said: “We are pleased to welcome Hugo Technology and their competent team to the group. They have over the past 25 years built a strong reputation among quality OEMs and on the UK market. With this add-on acquisition to CRS medical, we further strengthen the position within the growing area of technical services, and we see many possibilities for the two companies to benefit from each other to support the customers even better.”
Elsewhere in the world of European acquisitions and mergers, the Court of Justice for the European Union (CJEU) ruled that the European Commission overstepped its bounds when ordering US device giant Illumina to spin-out Grail shortly after having acquired the company.
