Urgo Medical is taking a majority stake in this strategic partnership, which will focus on acute and chronic wounds.
The newly formed entity created takes the name Urgo Medical North America. Its headquarters will remain in Fort Worth, Texas, under the leadership of the former management team.
With a yearly turnover of approximately $20M, Urgo Medical North America will operate in the USA and Canada with ambitions to become a global leading player in the world’s largest advanced wound care market of North America.
There is a perfect fit between the range of products of both companies that will enable the new entity to offer best in class treatments to treat acute and chronic wounds.
As a global leader in wound care (number 2 in Europe), URGO Medical is constantly looking for new opportunities to strengthen its international growth. Last year in 2017, 65% of the revenues of URGO Medical were generated abroad, and the company has now a direct presence in more than 20 countries.
Urgo Group CEO Pierre Moustial said: “Setting foot in the USA represents both a key milestone for our development and a strategic priority. We are happy to enter this new market with our partner SteadMed, who also has a strong expertise in advanced wound care and who will help us to develop innovative solutions to assist healthcare professionals in reducing healing time.
“Our two companies share the same values: a history of entrepreneurship and the long term vision of a family business.”
SteadMed Medical is a US company based in Fort Worth, Texas, that commercializes advanced wound care products (for optimizing wound bed preparation). The company was created in 2010 by Michael Steadman who is still at the head of the company. SteadMed distributes its range of products Primarily in North America and employs 41 people locally.
Urgo Medical North America new CEO and SteadMed chairman Michael Steadman said: “This new partnership with URGO is a great opportunity for us to enhance our growth in North America and to launch together new innovative products in advanced wound care, for patients who suffer from wounds associated with diabetes, blood circulation problems, infection and other wound healing complications.”
The new entity’s objectives within the next 5 years are to reach $50M in annual turnover while doubling the workforce in Texas and throughout the United States.
Urgo Medical North America will dedicate its activities to products that offer relief to patients who suffer from severe wounds, thanks to its portfolio optimized solutions and protocols for healthcare professionals:
Specifically adapted dressings and treatment protocols for different types of acute and chronic wounds such as Venous leg ulcers, diabetic foot ulcers, pressure ulcers or burns.
URGO Medical North America product portfolio will be built upon SteadMed Medical products (Vashe, Drawtex) along with URGO Medical products (the Restore Triact product line). In the near future, these products will be rebranded to Urgo Medical brands.
Source: Company Press Release
