UK-based Corin Group has signed a binding agreement to acquire Australian orthopaedic implant designer and manufacturer Global Orthopaedic Technology (GOT) for an undisclosed amount.
Image: Corin to acquire Australian orthopaedics player Global Orthopaedic Technology. Photo: Courtesy of Corin.
Established 19 years ago, Global Orthopaedic Technology offers a range of orthopaedic implants including knee and hip products with enabling robotics and navigation technologies.
The company, which has a significant footprint across Australia, exports its products to the US. It is planning to expand to Asia and Europe.
Corin said the acquisition will strengthen its position in the hip and knee joint replacement market.
Corin CEO Stefano Alfonsi 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 fulfill the needs of hip and knee surgeons. I look forward to welcoming the talented GOT team into the Corin global family.”
The UK-based firm noted that its R&D Hub in Australia is an important pillar of its global innovation capabilities and differentiated product offering. The combination with GOT offers significant scale to Corin’s operations in Australia.
Global Orthopaedic Technology CEO Andrew Fox-Smith 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 4 years.
“We’re very excited about what the combined business can achieve, not only here in Australia but also via faster expansion internationally of Global Orthopaedic Technology’s Australian developed product portfolio.”
Corin has a direct presence in a majority of the world’s orthopaedic markets. The company aims to revolutionize orthopaedics by gaining, understanding and sharing insight at each stage of the arthroplasty experience.
In July 2018, a company backed by the Permira funds has acquired a majority stake in Corin from DeA Capital Alternative Funds SGR (controlled by DeA Capital Group), Hunt Capital, IP (Investimenti e Partecipazioni) and other investors, for an undisclosed sum.