Cantel Medical to Acquire Hu-Friedy

Cantel Medical Corp., a global leader in instrument reprocessing and innovative infection prevention products and services, today announced that it has entered into a definitive agreement to acquire privately held Hu-Friedy Mfg. Co., a 111-year-old global leading manufacturer of instruments and instrument reprocessing workflow systems serving the dental industry. Cantel is acquiring Hu-Friedy for $725 million in upfront cash and stock, and up to $50 million in earnout payments conditional on commercial milestones in the first eighteen months after closing.

Combining Hu-Friedy's leading position in dental instrumentation and instrument management systems with Cantel's leading dental infection prevention consumables accelerates Cantel's strategy to be the leading global provider of infection prevention and reprocessing workflow solutions. During the twelve-month period ended May 31, 2019, Hu-Friedy generated approximately $214 million in revenue.

The combination of our two dental businesses provides a clear and immediate opportunity to become the leading provider of a 'Complete Circle of Protection' for instrument reprocessing workflow and infection prevention in the dental industry. Hu-Friedy brings us the scale, commercial capabilities, and portfolio breadth to enable our dental business to be a significant driver of long-term profitable growth.

George Fotiades, President and CEO, Cantel

We are excited to join forces with Cantel and look forward to the opportunities this combination will bring for our customers, employees, and other stakeholders. Hu-Friedy's combination with the Cantel portfolio of leading infection prevention dental consumables is a perfect match to further enhance our ability to serve our dental customers.

Ron Saslow, Chairman and CEO, Hu-Friedy

Ron Saslow and Ken Serota, president of Hu-Friedy, will lead the combined dental business post-closing.