BSN medical, based in Hamburg, today announced the acquisition of the Cognon-Morin group through its wholly owned subsidiary BSN medical France Holding SARL. 

With Cognon-Morin, BSN medical reaches global leadership in the fast growing market for compression therapy products, e.g. compression hosiery. It furthermore accelerates sales and market share for BSN medical in France being the third largest market after the US and Germany with annual growth rates of about 10%. 

Cognon-Morin, with its well known product range 'Radiante' has grown faster than the market, with its innovative products, especially 'Voile', a highly transparent compression stocking and 'la Chaussette' a particularly comfortable to wear compression garment. The company is based in Châtellerault and employs about 140 people in manufacturing, sales and R&D with annual sales of approximately € 22 million. Its quality premium products and medical expertise fit very well with BSN medical's own phlebology business, branded Jobst, which is the market leader in the USA and enjoys significant market share in Germany and other European markets.

BSN medical will maintain Cognon-Morin's existing production facility and management team. BSN medical plans to contribute its complementary product range, e.g. compression gloves and sleeves to further support the growth of Cognon-Morin in France, whilst its cosmetically appealing 'Voile' product range will be evaluated for other markets. 

The acquisition of Cognon-Morin is actually the second this year for BSN since the completion of its own management buyout in February 2006. With the support of Montagu Private Equity, the management of BSN medical has significantly accelerated the growth through strategic acquisitions in addition to organic growth. Around € 100 million have been invested in two acquisitions as well as additional manufacturing equipment for its plant in Hamburg to support revenue growth. In July, BSN has acquired M-PACT, LLC a US manufacturer and distributor of a complete line of fracture management products including splinting, casting and cast removal products. 

"The Cognon-Morin acquisition is fully in line with our defined strategy of developing further our platform of high quality products as well as boosting our sales in existing markets through enhanced marketing and distribution activities." said Graham Siddle, CEO of BSN medical. "We are particularly pleased to have acquired with Cognon-Morin such a well established phlebology business in France. This acquisition represents an excellent opportunity for us to accelerate sales and market share growth in the third largest phlebology market in the world." Looking ahead into 2007 Graham Siddle comments: "With the support of our private equity partner Montagu we have gained significant momentum in growing our business this year, and we shall continue to look for the right strategic acquistions."

Nico Helling, Director of Montagu added: "It has been an exciting and rewarding first year working together with BSN medical. With its experienced management, dedicated workforce, a high qualiy product portfolio and a proven track record for potentials in the field of innovation, BSN medical has a great platform from which to accelerate the company's further development. We will continue to support the growth strategy of BSN medical financially and back the company management in further strategic acquisitions for which we have committed solid capital resources."