Specialist engineering firm in takeover of Australian rival
By Andrew Merrell | 10th October 2018
A specialist orthopaedic implants firm has gotten a foot into the potentially lucrative Australian market following a takeover deal.
Cirencester, UK Corin, has bought Global Orthopaedic Technology Pty Ltd ("GOT"), the largest Australian-based implant designer and manufacturer.
The deal is backed by the Permira Funds and said to be "a testament to Corin's accelerated global expansion and focus on innovation".
Stefano Alfonsi, chief executive officer of Corin, said, "This agreement will further strengthen our presence in the sophisticated and competitive Australian market.
"The combination of Corin and GOT capabilities creates a leading player in Australia with stronger ability to fulfil the needs of hip and knee surgeons."
Andrew Fox-Smith, chief executive officer for GOT, said: "Our acquisition by Corin represents a fantastic next step for both our people and our customers.
"Corin has an excellent track record in the total joint replacement market and their dynamic and innovative culture is a natural fit to how we have been operating over the last four years.
"We're very excited about what the combined business can achieve, not only here in Australia but also via faster expansion internationally of GOT's Australian developed product portfolio."
According to Corin combination with GOT provides significant scale to Corin's operations in Australia - one of the world's most attractive orthopaedics markets, as well as additional R&D expertise.
Global Orthopaedics Technology formed 19 years ago, offers an extensive range of orthopaedic implants including knee and hip products with enabling robotics and navigation technologies.
The company has a significant Australian footprint and an export business in the USA.
Silvia Oteri, Partner with Permira, said, "The Permira funds backed Corin and its outstanding management team as it is a strong and ambitious leader in its market with a clear vision to revolutionise orthopaedics.
"The GOT acquisition represents an important step forward in building a leading and innovative successful platform in the space."
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