January 31 2017 saw ChoiceSpine acquiring the spinal assets of bone and joint restoration products specialist Exactech, together with restructuring charges related to Exactech’s international operations. Terms of the transaction were not released.
Background
ChoiceSpine is a privately held spinal fusion device manufacturer based in Knoxville, Tenn. Exactech, based in Gainesville, Fla., is a developer and producer of bone and joint restoration products for extremities, hip, knee and spine.
Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. Its orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. The company manufactures many of its orthopaedic devices at its Gainesville facility and markets its products in the United States, in addition to more than 30 markets in Europe, Latin America, Asia and the Pacific. Exactech is now divesting of its spine assets, in so doing restructuring of its Spine and Biologics business segment. By picking up these assets, ChoiceSpine believes it has significantly enhanced its growth potential, especially in international markets.
Company comments
for Exactech
Exactech CEO David Petty said, “For nearly a decade, Exactech has driven innovations in spinal surgery and we are pleased to have made meaningful contributions to patient care. We are confident the transfer of these products to ChoiceSpine will provide a continued focus on improving patient care for that population. This divestiture will allow us to sharpen our focus on investments in the core extremities and large joint segments of our business.”
for ChoiceSpine
Rick Henson, co-owner of ChoiceSpine said, “This is a great addition to our emerging product line. We look forward to building relationships with Exactech distributors and end users, as well as extending our product offering to potential new customers.”
According to Martin Altshuler, who co-founded ChoiceSpine with Henson, “The additional technologies that Exactech has access to, combined with our expanding portfolio, allows us to further solidify our company as a premier, full-line spinal fusion provider in the U.S., with further growth opportunities in select international markets. We’re now in a position to dive deeper into our growth strategy by adding and introducing new distribution and surgeon users to our current and future technologies that we plan to launch over the next few months,” added Henson.
The acquisition will also have beneficial international implications with Exactech having distribution channels in Spain, Portugal and Germany. “We currently have distribution partners in Italy and Mexico, so these new assets will immediately boost our international footprint,” added Marty Altshuler, co-owner of ChoiceSpine.
“This investment will continue to build the momentum behind our pursuit of becoming a prominent, full-line spinal implant provider.”
Source: ChoiceSpine, Exactech
published: February 1, 2017 in: Mergers and Acquisitions, Orthopaedics, Spine