In short
Orchid MPS Holdings, LLC has announced a definitive agreement to acquire contract medical instrument and implant supplier Sandvik Medical Solutions(SMS) in a transaction which is expected to be completed in March 2012. details of the terms of the acquisition have not yet been released.
Background
Sandvik employs approximately 550 people throughout its operations in the United Kingdom, India, China and the U.S. The company focuses primarily on orthopaedic and dental instrumentation and had sales of ca. 90 million USD in 2011. Orchid is also a contract manufacturer in the Orthopedic, Dental and Spinal industry and it will strengthen its significant influence in product offerings and customer service with the acquisition. According to the announcement, products manufactured by the two companies constitute almost 30% of the world’s orthopaedic implants.
Company comments
“Orchid is very pleased to have SMS and its employees join the Orchid team,” said Mike Miller, Orchid’s CEO. “Sandvik brings a global footprint and a high value expertise in casting, forging and machining of implants, and complex instruments to Orchid, allowing us to better serve our customers in the U.S., Europe, and Asia,” Miller continued.
”The combination of Orchid and SMS will have a unique offering to its customers and become the leading orthopedic implant supplier globally. The acquisition also demonstrates Orchid’s commitment to build a leader in a consolidating industry” said Claes Ekström, Board Member in Orchid and Partner at Altor Equity Partners AB.
Gary Henley, Orchid board member, said “I am delighted to see Orchid’s growth with the acquisition of SMS, demonstrating Orchid’s commitment to supply-contract management and contract manufacturing for the orthopedic industry.”
Source: Orchid MPS Holdings
published: February 27, 2012 in: Mergers and Acquisitions, News, Orthopaedics, Spine