United Drug, the Dublin-based healthcare services company due to report full-year results today, has bought UK-based Procon Conferences for a potential £5.4 million (€7.5 million).
United Drug made the announcement yesterday despite being in a closed period ahead of its results. Under the terms of the agreement, it will pay £4.2 million on completion, with a further £1.2 million due depending on certain agreed targets being reached over the next 12 months.
Procon, based in Harrogate, provides corporate event management for the pharmaceutical and healthcare sector, including venue finding and delegate registration. All of its 28 staff will remain with the business.
United Drug chief executive Liam Fitzgerald welcomed the acquisition, saying Procon was a well established and highly regarded supplier of value-added services to the healthcare sector.
"It will form an important part of our contract sales and consultancy outsourcing division and help us broaden the range of services we provide to our customers," he said.
Last month the firm said its full-year results would be ahead of expectations, with operating profit and earnings expected to show double-digit growth over the previous year, after strong growth in each of its four divisions. Davy analysts said they were expecting a 17 per cent rise in earnings before interest, tax and amortisation.
United Drug's share price slipped to close down 1.5 per cent, at €3.35.
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