Cryo-Save Group NV, a Holland-based stem cell bank, has agreed to acquire Italian rival Salus Futura Srl, for up to  €400,000 (£348,000) in cash.

Cryo-Save Group NV, a Holland-based stem cell bank, has agreed to acquire Italian rival Salus Futura Srl, for up to  €400,000 (£348,000) in cash.

Salus Futura is based in Turin and specialises in stem cell storage marketing and distribution. Cryo-Save expects the acquisition to be earnings enhancing on completion.

Rob Koremans, Cryo-Save chief executive, commented: “This acquisition fits very well with our own successful Italian operation, not only because of the valuable contracts with diagnostic centres and clinics, but also geographically within the large Italian market.”

Koremans added: “It will further strengthen our leading position in Italy, our third largest market, where we have seen growth during the last months.” 

Salus Futura reported revenues of €500,000 in 2008. The deal is expected to be competed by the end of June.