PRAGUE (Reuters) - Europe’s biggest hospital bed maker LINET Group has taken an 80 percent stake in Czech peer BORCAD Medical, specializing in birthing beds and gynecological chairs, LINET said on Monday.
LINET, founded by Czech businessman Zbynek Frolik in 1990, has grown to reach over 100 markets, earning 228.4 million euros ($256.56 million) in revenue in its last fiscal year ending in March 2016.
It said BORCAD would be a good fit for its global network.
“Channelling these products through the global sales network of LINET Group will drive accelerated growth over the coming years,” Frolik, a one-third owner of LINET, said in a news release.
LINET, which has headquarters and production in the Czech Republic but a holding group registered in Netherlands, has an option to raise its stake in BORCAD to 100 percent.
Financial terms of the acquisition were not disclosed.
($1 = 0.8902 euros)
Reporting by Jan Lopatka; Editing by Jason Hovet