PR Newswire12.01.20
Zimmer Biomet Holdings Inc. announced that the company has completed the acquisition of A&E Medical Corporation, a Vance Street Capital Portfolio Company, for $150 million in cash at closing and $100 million in cash payable in 2021. The deal is expected to have an immaterial impact to net earnings in 2020.
Zimmer Biomet has acquired A&E Medical and its complete portfolio of sternal closure devices—including sternal sutures, cable systems, and rigid fixation—along with a range of single-use complementary temporary pacing wire and surgical punch products.
"A&E Medical's high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs," said Bryan Hanson, president and CEO of Zimmer Biomet. "This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth."
The global sternal closure business is growing at a high single digit percentage rate annually. Revenue from the new integrated business will be recognized in Zimmer Biomet's Dental, Spine & Craniomaxillofacial and Thoracic (CMFT) product category.
"We believe the addition of A&E's leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients and health care systems," said Thomas J. Sullivan, president & CEO of A&E Medical Corporation.
Zimmer Biomet has acquired A&E Medical and its complete portfolio of sternal closure devices—including sternal sutures, cable systems, and rigid fixation—along with a range of single-use complementary temporary pacing wire and surgical punch products.
"A&E Medical's high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs," said Bryan Hanson, president and CEO of Zimmer Biomet. "This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth."
The global sternal closure business is growing at a high single digit percentage rate annually. Revenue from the new integrated business will be recognized in Zimmer Biomet's Dental, Spine & Craniomaxillofacial and Thoracic (CMFT) product category.
"We believe the addition of A&E's leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients and health care systems," said Thomas J. Sullivan, president & CEO of A&E Medical Corporation.
