With the acquisition, Proteor intends combine the teams in the US and Europe to expand the business globally
Proteor has reached an agreement with German prosthetics maker Ottobock to partly acquire the latter’s US subsidiary Freedom Innovations’ portfolio of lower limb prosthetics.
Under the terms of the agreement, Proteor will acquire the products including the Plié3 microprocessor knee, the Kinnex and Kinterra ankles, and the Agilix, Highlander, Dynadapt, Sierra and Pacifica feet products.
The terms of the proposed transaction are subject to the final approval of the US Federal Trade Commission (FTC), and satisfaction of Ottobock’s obligations to divest certain assets from its US subsidiary Freedom Innovations.
Once FTC approval is obtained, the company is expected to combine Freedom Innovations’ team members in manufacturing, sales, marketing, R&D and clinical from Gunnison, Utah, Irvine, California, and Germany.
Proteor is an independent family-owned company based in Dijon, France. The company operates in the O&P market with three key areas of activities that include software’s, components and custom-made devices.
Proteor COO and managing board member Edouard Archambeaud said: “We strongly believe in the long-term benefits of this move for the people we serve around the world.
“By combining the expertise of our teams in the US and Europe, the momentum we generate will continue to build Proteor’s presence within the O&P community.”
The acquisition is expected to strengthen Proteor’s growth strategy
Both Proteor and Freedom Innovations develop products that are claimed to offer advanced, high-performance solutions for security, stability, and comfort.
Through the transaction, Proteor will acquire a part of Freedom Innovations, with plans to combine the teams in the US and Europe to expand the business globally, delivering enhanced outcomes to prosthetists and their patients.
The proposed acquisition is expected to strengthen Proteor’s growth strategy, along with creating synergies with advanced platforms, R&D investment, and a focus on mechatronic lower limb solutions.
Proteor said that the transaction builds on its presence in the US lower limb prosthetics market, and follows its previous acquisition of Ability Dynamics’ RUSH Foot portfolio.
The acquisition is expected to be completed by the end of 2020.