London-based Apposite Capital has acquired OrthoD Group from The Riverside Company.
OrthoD is a specialist manufacturer and distributor of medical products and implants for joint reconstruction, sports medicine, surgical products and infection control applications. The company’s products include bone cement management systems, wound drainage, fixation devices for knee and shoulder surgery, and other specialist devices.
The company has distribution channels in over 50 countries worldwide and employs more than 100 people. OrthoD, led by CEO Daniel Bee, was founded in 1984 and is based in Gloucestershire, UK (www.orthod.com).
Riverside invested in OrthoD, formerly known as Summit Medical, back in 2008. “Riverside helped OrthoD become a more robust and capable company,” said Riverside Partner Martin Scott. “We’re proud of its more expansive offerings and wider geographic reach, and we’re certain it will continue to help improve outcomes for patients across the world.” Working on the transaction with Mr. Scott were Principal Tommy Seddon, Associate Julius Hugelshofer and Senior Operating Partner Fabio Pesiri.
“We look forward to working with Apposite as we move to our next step in the company’s development,” said Mr. Bee. “Their healthcare expertise will be of great value as we continue to focus on our core orthopaedic activities and seek to launch new sport medicine products and strengthen our distribution channels globally.”
Apposite Capital sees significant potential in supporting management in further building OrthoD’s export channels and in further commercializing OrthoD’s sport medicine products. “Medical devices companies are a key focus to Apposite and a sector where we have had excellent outcomes,” said Rory Pope, a Partner at Apposite Capital. “We are delighted to support this management buy-out. OrthoD is a solid business which has built a strong reputation with its customers and we look forward supporting Daniel Bee and the rest of the team to accelerate their growth ambitions for the business.”
Apposite Capital makes both control and non-control investments of £5 million to £20 million per transaction in Europe-based healthcare companies. Within the healthcare sector the firm has specific interest in services; digital health; complex care, elderly and specialist care; and medical products & pharmaceuticals. Apposite was founded in 2006 and is headquartered in London, UK (www.appositecapital.com).
The Riverside Company, the seller of OrthoD, is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 520 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
William Blair was the financial advisor to Riverside on this transaction.
© 2018 Private Equity Professional | March 30, 2018
