DKSH announces two acquisitions in Asia Pacific February 16, 2021


			
				DKSH announces two acquisitions in Asia Pacific

DKSH today announced two acquisitions in Asia Pacific. In Business Unit Technology, DKSH signed an agreement to acquire Bosung, a Korean life sciences distributor, and in Business Unit Healthcare, DKSH acquired medical device distributor MedWorkz in Singapore.

Media release

DKSH announces two acquisitions in Asia Pacific

DKSH today announced two acquisitions in Asia Pacific. In Business Unit Technology, DKSH signed an agreement to acquire Bosung, a Korean life sciences distributor, and in Business Unit Healthcare, DKSH acquired medical device distributor MedWorkz in Singapore.

Zurich, Switzerland, February 16, 2021 – In line with its M&A strategy, DKSH announced two acquisitions in Asia Pacific. In Business Unit Technology, DKSH has signed an agreement to acquire Bosung Scientific, a Korean life sciences distributor. Following the acquisition of SPC in Thailand in 2019, this is the second acquisition to further solidify DKSH's position as a leading Pan-Asian provider of scientific instrumentation. In Business Unit Healthcare, DKSH expands its medical device business with the acquisition of MedWorkz in Singapore and thereby drives into higher value segments and services.

 

Bosung Technologies

Founded in 1993, Bosung is headquartered in Seoul, Korea and employs around 90 specialists. The company sells, markets and distributes consumables as well as scientific instrumentation from an international client portfolio, used in the fast-growing life sciences, clinical diagnostics, environmental, and microbiology markets. Their customer base includes hospitals, research institutes, laboratories, universities, pharma as well as food and beverage companies. In addition, Bosung operates an own research laboratory which increases the total number of laboratories in Business Unit Technology to 19.

 

Bosung’s business generates net sales of around CHF 40 million¹ at good profitability. DKSH is acquiring 100% of this business through a combination of cash and debt financing. The acquisition is immediately earnings accretive. The management team of Bosung and its employees will join DKSH. Closing of the transaction is expected by the end of March 2021 and is subject to certain conditions.

 

Hanno Elbraechter, Head Business Unit Technology, DKSH, commented: “We have been present in Korea for thirty years and are delighted to move to the next level with the acquisition of Bosung, a key market for us for scientific instrumentation. Their business is complementary to our existing operations and supports our strategy of building resilience and delivering growth. It significantly strengthens our regional footprint in the life science market.  It is our pleasure to welcome the Bosung team to the DKSH family.”

 

MedWorkz

Founded in 2013, MedWorkz is a Singaporean medical device distributor specialized in orthopedics with a vision to improve patients’ quality of life. With less than ten people, the company sells, markets, and distributes a complementary product portfolio of advanced instrumentation sets, niche consumables and disposables to public and private hospitals. MedWorkz generates net sales of less than CHF 3 million² at good profitability. DKSH is acquiring 100% of the business. The acquisition is immediately earnings accretive and the management team of MedWorkz as well as its employees will join DKSH.

 

Bijay Singh, Head Business Unit Healthcare, DKSH, commented: “We see a significant opportunity and upside in expanding our medical device business across Asia Pacific. MedWorkz helps us build these capabilities for orthopedics within the DKSH organization and at the same time accelerates our medical device distribution, sales, and marketing platform. We are happy they are now part of our team.”

 

 

¹ Exchange rate Korean Won / Swiss franc 1.150

² Exchange rate Singapore Dollar / Swiss franc 1.50