Zimmer Biomet has acquired Vance Street Capital portfolio company A&E Medical, which manufactures sternal closure devices, for a total of $250m.
According to the agreement, A&E Medical will receive $150m in cash at closing of the deal and $100m in cash payable next year from Zimmer Biomet.
A&E Medical was acquired by Vance Street from the Wojciechowicz family in 2016.
With the latest deal, Zimmer Biomet acquired A&E Medical’s complete portfolio of sternal closure devices, including sternal sutures, cable systems, and rigid fixation, and a range of single-use complementary temporary pacing wire and surgical punch products.
Zimmer Biomet president and CEO Bryan Hanson said: “A&E Medical’s high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs.
“This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Zimmer Biomet noted that the sternal closure business is growing at a high single-digit percentage rate every year globally.
The company will use the revenue from the latest integrated business in its Dental, Spine & Craniomaxillofacial, and Thoracic (CMFT) product category.
A&E Medical president and CEO Thomas Sullivan said: “We believe the addition of A&E’s leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients, and healthcare systems.”