TORONTO, Feb. 28, 2025 – Richards Packaging Income Fund (TSX: RPI.UN) (the “Fund”) has announced today that it is making two strategic acquisitions to expand its healthcare offerings.
Through its subsidiary, Clarion Medical Technologies Inc., the Fund has acquired all outstanding shares of National Dental Inc. (“National Dental”), a top Canadian supplier of advanced laser and diagnostic equipment for the dental industry. The $10.0 million purchase was funded through a $9.7 million drawdown on the revolving credit facility and a $0.3 million holdback from the sellers. The purchase price may increase based on National Dental’s earnings through 2026 or 2027. The acquisition is projected to boost earnings in 2025.
“We are happy to share news of the National Dental acquisition, which adds a third key market segment to our private clinic medical device distribution business, in addition to aesthetics and vision. We are confident that National Dental’s dedication to cutting-edge laser and imaging technologies will raise the bar for dental patient care, and we are confident in our capacity to help them achieve their growth goals through our Clarion Medical Technologies platform,” said John Glynn, President of Richards Packaging.
“National Dental is excited to join the Clarion Medical Technologies team. The synergy between our businesses creates interesting growth prospects, and we are inspired by Clarion’s vision for the future. With more than 30 years of experience assisting dentists with the latest technology, we believe our philosophies are perfectly aligned and we look forward to collaborating with their skilled team,” stated Neil and Cliff Magneson, founders of National Dental Inc.
The Fund, via its subsidiary Richards Packaging Holdings 2 Inc., has also acquired all of the outstanding shares of HL Production SA (“HL Production”), the Switzerland-based global owner and distributor of the World PRP® platelet-rich plasma (“PRP”) system for the healthcare sector. The purchase price of CHF2.35 million ($3.76 million) was funded by a $3.7 million drawdown on the revolving credit facility and a CHF0.05 million ($0.1 million) holdback from the vendors. The acquisition is expected to be accretive to earnings in 2025.
“We are pleased to announce the acquisition of HL Production, which has been an important supplier to our medical devices business in Canada for many years. This acquisition gives us global ownership of the WorldPRP® brand and will strengthen the continued expansion of our OEM Strategy alongside our organically developed brand, Luvo. PRP treatments are well-established in orthopedics and aesthetics and represent a $700M USD market globally. We are confident in supporting the growth of WorldPRP® through international distribution partners in the coming years,” commented John Glynn, President of Richards Packaging.
“We are thrilled that the WorldPRP® product and brand we have developed will be in capable hands. We wish the Richards team the best of luck as they grow into the future,” commented Dr. Ed Broussalian, Chief Executive Officer of HL Production SA.”
NewPoint Capital Partners Inc. served as the Fund’s M&A advisor on both transactions.
About Richards Packaging Income Fund
The Fund has ownership of Richards Packaging Inc. (“Richards Packaging”), which has been serving a broad customer base throughout North America since 1912, comprised of over 18,000 regional food, beverage, healthcare, cosmetics, and other businesses.
About National Dental Inc.
National Dental Inc. is a leading Canadian provider of high-tech laser and diagnostic devices to the dental care industry. The company specializes in commercializing innovations in lasers, cavity prevention products, intraoral scanners, and dynamic navigation systems, along with providing unparalleled education and thorough implementation support to its dental practitioner customers.
About HL Production SA
H L Production SA, based in Switzerland, is the global owner and distributor of the World PRP® platelet-rich plasma system for the healthcare sector. The system is highly regarded by users and is becoming a global benchmark for quality and efficiency.
SOURCE Richards Packaging Inc.
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