Halma Announces the Acquisition of TeDan Group

Halma PLC

20 November 2023

Halma plc (‘Halma’ or the ‘Group’)


Halma, the global group of life-saving technology companies, today announces that it has acquired the TeDan group of companies (TeDan), comprising the separate companies of TeDan Surgical Innovations, Inc., West Coast Surgical, LLC, Axcess Surgical Innovations, LLC and TeDan Surgical Innovations GmbH.

Headquartered in Houston, Texas and Half Moon Bay, California, USA, TeDan is a global leader in innovative surgical access systems, which it develops, manufactures and supplies to surgeons for use in a range of acute therapeutic procedures. Its primary market is access systems for spinal surgery, and the USA accounts for the majority of its sales. Further information on TeDan is given in the notes at the end of this announcement.

The initial cash consideration for TeDan is US$89.1m (approximately £72m), on a cash- and debt-free basis, which will be funded from Halma’s existing facilities. When adjusted for tax benefits with a net present value of approximately US$9.8 million (approximately £8 million), the net initial consideration is approximately US$79.3 million (approximately £64 million). An additional earn-out consideration of up to US$10.9m (approximately £9m) is payable in cash, based on TeDan’s performance in the period to June 2024.

TeDan’s consolidated unaudited revenue for the 12 months to 31 March 2023 was US$29.2m (approximately £24m), and TeDan has a Return on Sales above the upper end of Halma’s target range of 18-22%. TeDan will be a standalone company in Halma’s Healthcare sector, led by its current management team.

Danny Fishman, Chief Executive Officer of TeDan, commented: “World spending on healthcare is increasing as demand continues to grow, especially as the number of people over 60 has reached more than one billion. For over ten years, TeDan has been at the forefront of surgical access innovation, creating an improved experience for surgeons in the operating room and better outcomes for patients.  Joining Halma will help us to grow and invest in the U.S. and internationally. Together, we share a common purpose of ensuring a healthier future for everyone, every day.”

Marc Ronchetti, Group Chief Executive of Halma, commented: “TeDan further extends the technologies and capabilities of our Healthcare sector in the treatment of patients in acute therapeutic settings. TeDan’s growth is supported by the growing need for surgical treatment as populations age and as lifestyles evolve and by the development of innovative new surgical procedures which improve efficiency and standards of care. We are delighted to welcome the TeDan team to Halma and look forward to working with them to expand their global impact.”

For further information, please contact:

Halma plc

Marc Ronchetti, Group Chief Executive                                 +44 (0)1494 721111                             

Steve Gunning, Group Chief Financial Officer

Charles King, Head of Investor Relations                              +44 (0) 7776 685948

Clayton Hirst, Director of Corporate Affairs                           +44 (0) 7384 796 013       


Oliver Hughes / Rachel Farrington / Ollie Hoare                    +44 (0)20 3128 8100

A copy of this announcement, together with other information about Halma, is available at www.halma.com.

About Halma

Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets it operates in:

·    Safety – Protecting people’s safety and the environment as populations grow, and enhancing worker safety.

·    Environment – Addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.

·   Health – Meeting the increasing demand for better healthcare as chronic illness rises, driven by growing and ageing populations and lifestyle changes.

It employs over 8,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

Halma has been named as one of Britain’s Most Admired Companies for the past five years.

For more information www.halma.com

Further information on TeDan

The TeDan group of companies today comprises four distinct companies:

·      TeDan Surgical Innovations, which develops and supplies surgical access systems;

·      West Coast Surgical, which manufactures these systems, offering complete design, manufacturing, and production assembly of surgical devices and instrumentation;

·      Axcess Surgical Innovations, which manufactures flexible and rigid arms and retractor systems for surgical applications; and

·      TeDan Surgical Innovations GmbH, a new company, recently formed in response to growing demand and business expansion in Europe.

TeDan has a portfolio of over 35 surgical access, exposure, holding and instrumentation devices, which are sold both to leading medical device manufacturers, and under their own brand. Each of these devices is designed for a specific medical implant or surgical procedure, in close partnership with their medical device manufacturing customers.

TeDan’s devices are used primarily in spinal procedures, where TeDan’s products have a leading market position, as well as in neurological, cardiac and orthopaedic surgeries.

TeDan has 16 active patents and 3 pending patents relating to its products.

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