Whilst the phrase is overused, we believe the acquisition of its UK distributor is genuinely transformative for Surgical Innovations. Not only is it materially earnings enhancing (EPS +39% in FY18), the increased scale, direct distribution capability, strengthened management team and attractive purchase price (8.3x historic EBITDA) all add up to a compelling deal rationale. We increase our TP to 5.5p (from 4.8p) and reiterate our strong Buy recommendation.