05.27.15
Elos Medtech AB is buying Onyx Medical Corp., a Memphis, Tenn.-based supplier of trauma and extremities products to orthopedics companies. Sweden-based Elos is a development and manufacturing partner for high-precision products and components used in medical technology, such as dental and orthopedic implants and instruments. In addition to Sweden, Elos also has operations in Denmark and China.
The value and structure of the deal were not disclosed.
The acquisition of Onyx is part of Elos’s strategy to focus entirely on the medical device industry while strengthening market positions in target growth segments within orthopedics such as trauma, spine and extremities. With a presence in Europe, Asia and the United States, the combined firm will be better positioned and have an increased ability to serve the global market. Onyx Medical employs 120 people at its facilities in Memphis and generated 2014 sales of $16 million.
After the deal is closed, Onyx will continue its existing operations as a business unit within the Elos group and, according to Elos officials, “serve as a platform for expansion” within the United States.
“Onyx is an excellent company which Elos has been following for several years. The company has high quality products, strong customer partnerships and a market-leading position with significant growth potential,” said Johannes Lind-Widestam, president and CEO of Elos. “Onyx, operating alongside our existing operations, will serve as the U.S. platform for long-term growth within the orthopedic trauma and spine markets and potentially for other segments where Elos holds a position. With this acquisition, Elos gains access to the North American orthopedic trauma and extremities markets which represent approximately 50 percent of the world market.”
”We could not have found a better strategic partner than Elos,” said Jodie Gilmore, CEO of Onyx. “Elos shares our vision to remain keenly focused within our target markets and core competencies. As we grow our business, we are excited by the opportunities presented by becoming part of this global organization.”
The value and structure of the deal were not disclosed.
The acquisition of Onyx is part of Elos’s strategy to focus entirely on the medical device industry while strengthening market positions in target growth segments within orthopedics such as trauma, spine and extremities. With a presence in Europe, Asia and the United States, the combined firm will be better positioned and have an increased ability to serve the global market. Onyx Medical employs 120 people at its facilities in Memphis and generated 2014 sales of $16 million.
After the deal is closed, Onyx will continue its existing operations as a business unit within the Elos group and, according to Elos officials, “serve as a platform for expansion” within the United States.
“Onyx is an excellent company which Elos has been following for several years. The company has high quality products, strong customer partnerships and a market-leading position with significant growth potential,” said Johannes Lind-Widestam, president and CEO of Elos. “Onyx, operating alongside our existing operations, will serve as the U.S. platform for long-term growth within the orthopedic trauma and spine markets and potentially for other segments where Elos holds a position. With this acquisition, Elos gains access to the North American orthopedic trauma and extremities markets which represent approximately 50 percent of the world market.”
”We could not have found a better strategic partner than Elos,” said Jodie Gilmore, CEO of Onyx. “Elos shares our vision to remain keenly focused within our target markets and core competencies. As we grow our business, we are excited by the opportunities presented by becoming part of this global organization.”