Stryker Corp. will pay $150 million for Gaymar Industries, which manufactures temperature management devices and pressure ulcer treatment technology. The deal is expected to close by Oct. 1. Gaymar is owned by private equity firms Nautic Partners and Norwest Equity Partners.

The companies are not strangers. The buyout is the culmination of a 10-year relationship between the two companies. Orchard Park, N.Y.-based Gaymar has been providing Stryker with exclusive rights to sell support surface and pressure ulcer management products to acute care customers in North America. Gaymar reported sales of $77 million in 2009, of which approximately $14 million were related to the OEM relationship with Stryker, according to a press release.

The acquisition will expand Kalamazoo, Mich.-based Stryker's portfolio of acute care offerings.

Stephen P. MacMillan, Chairman, president and CEO of Stryker, said: “In addition to a talented team, Gaymar provides our Medical division with an attractive portfolio of high-performance support surface and pressure ulcer management products that target an approximately $1.8 billion worldwide market, while simultaneously enhancing our customer relationships through the addition of their temperature management offering.”

Stryker officials said the deal would not affect its 2010 or 2011 earnings per share, but should start adding to its bottom line in 2012.