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1 July 2004

Smiths Medical, one of the four operating divisions of Smiths Group plc, today announced that it has completed the acquisition of the US respiratory care device company DHD Healthcare, for a total of $55 million (30 million) from Riverside Capital of Cleveland, Ohio. DHD products are widely used to care for the respiratory needs of patients in a variety of therapeutic and critical care applications. Smiths satisfied the acquisition in cash.

on the acquisition, Keith Butler-Wheelhouse, chief executive of Smiths Group said;

"This purchase once again underlines our intent to pursue a strategy of profitable growth through the acquisition of high growth businesses which complement or expand our product portfolio, and through investment in research and development."

Lawrence Kinet, managing director of Smiths Medical added: "DHDs world class respiratory products will complement and extend the Smiths Medical airway range with high-growth, novel, respiratory care devices. We are pleased to welcome DHD and its innovative, therapeutic products into Smiths Medical."

DHD Healthcare, with 118 employees based in Wampsville, New York State, achieved sales of $21.2 million in the last 12 months, with EBITDA at $6.1 million in the same period.


DHD Healthcares products include positive expiratory pressure therapy products used in cases of chronic lung disease; incentive spirometers used post-operatively to improve lung function: and devices used to help patients inspire nebulised drugs from an inhaler. DHDs award-winning acapella product range has been enthusiastically received by patients around the world. In late 2003, DHD acquired a range of specialised nebulisation systems, incorporating heaters and humidifiers, and oxygen delivery products.

The Riverside Company, with offices in New York, Cleveland, Dallas and San Francisco, is the leading private equity firm investing in premier companies at the smaller end of the middle market. Riversides current portfolio numbers 26 companies. For more information, visit


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