Cirencester, UK Corin, backed by the Permira Funds is pleased to announce the signing of a binding agreement for the acqusition of Global Orthopaedic Technology Pty Ltd (“GOT”), the largest Australian-based orthopaedic implant designer and manufacturer.
The acquisition will strengthen Corin’s position as a global leader in the hip and knee joint replacement market and is a testament to Corin’s accelerated global expansion and focus on innovation. Corin’s R&D Hub in Australia is a key pillar of its global innovation capabilities and differentiated product offering. The 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.
Stefano Alfonsi, Chief Executive Officer of Corin, commented, “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.”
Andrew Fox-Smith, Chief Executive Officer of 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 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 GOT’s Australian developed product portfolio.”
Silvia Oteri, Partner with Permira, commented, “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.”
Media Enquiries
For Corin
Elvio Gramignano, Global Strategic Marketing Director
+44 (0) 1285 884 725
+44 (0) 7769 883 675
elvio.gramignano@coringroup.com
Vaughan Bonny Managing Director, Australia and New Zealand
+61 (0)2 94977400
Mobile: +61 (0)437 777 121
vaughan.bonny@coringroup.com
For Permira
James Olley (Montfort Communications)
+44 203 770 7909
jolley@montfort.london
Notes to Editors
About Corin
Headquartered in Cirencester, UK, Corin is an international orthopaedic company with a direct presence in a majority of the world’s orthopaedic markets and a track record of strong double-digit growth. Corin’s vision is to revolutionise orthopaedics by gaining, understanding and sharing insight at every stage of the arthroplasty experience. The unique combination of shared knowledge and clinically-proven implants delivers better outcomes and maximises healthcare value for patients, surgeons and healthcare providers.
About Global Orthopaedic Technology
GOT was formed 19 years ago and is the largest Australian-owned orthopaedic implant designer and manufacturer. It has a significant footprint throughout Australia and an export business in the USA, with plans to expand to Asia and Europe. It offers an extensive range of orthopaedic implants including knee and hip products, as well as providing enabling technologies such as robotics and navigation methodologies.
About Permira
Permira is a global investment firm. Founded in 1985, the firm advises private equity funds with a total committed capital of over €33bn and makes long-term majority and strategic minority investments in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 250 private equity investments in five key sectors: Consumer, Technology, Industrials, Healthcare and Financial Services.
Permira employs over 200 people in 14 offices across Europe, North America and Asia. For more information please visit www.permira.com.
