Conshohocken, Pa.
Viasys Healthcare announced last month that it has acquired Oak Forest, Ill.-based Tiara Medical Systems, which manufactures CPAP masks, headgear, filters and respiratory accessories, for $24.3 million.
With the acquisition, “Viasys is increasing its presence in the global sleep therapy market,” said Ed Pulwer, group president, Viasys Respiratory Care. “According to Frost and Sullivan, sleep therapy is the fastest-growing market segment in the global respiratory market. Viasys is already a market leader in the sleep diagnostics business, with well-established brands … We believe that Tiara Medical's expertise in CPAP and non-invasive ventilation mask design will enhance the Viasys global product offering.”
Viasys financed the acquisition with cash and borrowings under its revolving credit facility. Tiara's 2005 revenues were $10.3 million, and the company has grown approximately 15 percent compounded over the last three years, according to a statement.
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