Riverside Continues Building Global Orthopedic Company April 08, 2010
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Riverside Continues Building Global Orthopedic Company
- 4th Riverside Acquisition of 2010
- 227th Acquisition Overall
- 42nd Healthcare Acquisition
Fund Family: Riverside Europe Fund
Summit Medical Group Limited adds Eska Implants AG.
- Eska Implants (Eska) is a technology rich and R&D focused company with more than 30 years of experience.
- Eska develops, manufactures and sells orthopedic implants and related products.
- The transaction enhances the European and Asian presence of platform Summit Medical.
- Eska’s product line complements the products of Summit Medical and its subsidiary Orthodynamics.
Based in Based in Lübeck, Germany, Eska manufactures and markets a wide range of implants including hip, knee, shoulder, elbow, spine, hand, foot and modular systems for reconstructive surgeries.
Besides the aforementioned products, Eska has some unique in-house developed products and technologies like:
- Custom made implants (hip, knee, shoulder, spine, foot, hand).
- Eska Endo-exo implants, a new concept for implantable, bone-based prosthetic provisions for patients with above-knee amputations. Spongiosa technology, a novel surface treatment conceived to mimic the structure of cancellous bone.
The acquisition allows Summit Medical and its subsidiary Orthodynamics to continue expanding their product range and international presence while providing significant growth opportunities.
Though it is a generalist investor, Riverside has a specialized focus on select industries like healthcare, for which the firm has a team of professionals dedicated to finding and growing healthcare opportunities. This acquisition is Riverside’s 42st healthcare investment and fourth acquisition overall this year.
Radim Stach, Riverside Partner:
“This is an exciting opportunity to keep building a global player in the orthopedic industry. Eska Implants is a niche leader in its segment – a gem with big potential for growth.”
Frank Collins, Summit Medical CEO:
“Eska Implants complements our business in several ways, from its product offering to its geographic presence. In addition to expanding our presence in the overall orthopedic market, Eska brings valuable technical knowledge that will help us thrive.”
Radim Stach, Partner; Ludek Palata, Vice President; Ivica Turza, Vice President Origination; Áron Szabó, Analyst; Peter Parmentier, European General Counsel.
Legal Advisor: Jones Day; Financial due diligence: Grant Thorton; Insurance due diligence: Marsh Limited
The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring leading small and medium-sized enterprises (with a value of up to $200/€200 million) and partnering with strong management teams to enhance the success of its companies through acquisitions and organic growth. Since its founding in 1988, the firm has invested in 227 transactions with a total enterprise value of $5.2 billion/€4.2 billion. The investment portfolio in North America, Europe and Asia includes 70 companies with annual sales totalling $3.0 billion/€2.1 billion, EBITDA of $460 million/€320 million and more than 13,000 employees. Riverside offers the resources to complete acquisitions smoothly - thanks to its more than $3.0 billion/€2.4 billion in assets under management, its more than 180 professionals in 19offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Hong Kong, Los Angeles, Luxembourg, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw) and its longstanding relationships with partner lenders. According to Thomson Venture Economics, eight of Riverside’s nine mature funds rank in the top 25% of all funds (as of 30 September 2009). The firm’s investors include the world’s leading pension funds, endowments, funds of funds, insurance companies and banks.
Eska Implants AG (www.eska-implants.de)
Eska Implants develops the most innovative and modern joint implants and endoprostheses, helping to improve lives quality of implant patients around the world. Its focus on research and development for the last 30 years has helped the company to manufacture and develop unique products such as custom made implants, Endo-exo implants and the Spongiosa technology surface. Eska products are sold in Germany, Austria, Japan, Australia and The Netherlands.