Nice to see Som is confident of its European operations going...

Nice to see Som is confident of its European operations going forward.

SomnoMed on acquisition trail with purchase of oral appliance distributor

Friday, December 14, 2012 by Angela Kean
SomnoMed (ASX: SOM) has acquired Swedish company MAS Nordic – the distributor, fulfillment house and technical centre for SomnoMed’s business in Scandinavia – for an initial 3 million Swedish Krona (A$426,909).

The acquisition, which is payable by a combination of cash and shares, will allow SomnoMed to integrate its growing Scandinavian operation.

Additional SomnoMed shares to the value of 600,000 Swedish Krona may also be issued over the next three years, subject to the performance of SomnoMed’s business in the Nordic region.

MAS Nordic has been involved with SomnoMed since 2008 in the distribution and fulfillment of orders received from dentists in Sweden, and carries out repair works for SomnoMed’s SomnoDent® devices.

SomnoDent® is a clinically proven medical oral appliance therapy for obstructive sleep apnea. The device consists of two dental plates, which look similar to a sports mouth guard.

MAS Nordic is owned by Praktikertjanst, a powerful cooperative of over 800 members, predominantly dental laboratories in Sweden.

The dental lab and offices of MAS Nordic will become the Nordic head office of SomnoMed.

This acquisition is the third for SomnoMed this year after the company acquired Goedegebuure Slaaptechniek in Holland and Orthosom SA in France.

Together the acquisitions provide the company with a solid base for future growth and profitability in Europe.

Importantly, SomnoMed executed the three acquisitions using its own funds and without raising additional capital.

http://www.proactiveinvestors.com.au/companies/news/37357/somnomed-on-acquisition-trail-with-purchase-of-oral-appliance-distributor-37357.html