Holt, MI, February 26, 2012 --(PR.com
)-- “Orchid is very pleased to have SMS and its employees join the Orchid team,” said Mike Miller, Orchid’s CEO. “Sandvik brings a global footprint and a high value expertise in casting, forging and machining of implants, and complex instruments to Orchid, allowing us to better serve our customers in the U.S., Europe, and Asia,” Miller continued.
“The combination of Orchid and SMS will have a unique offering to its customers and become the leading orthopedic implant supplier globally. The acquisition also demonstrates Orchid’s commitment to build a leader in a consolidating industry,” said Claes Ekström, Board Member in Orchid and Partner at Altor Equity Partners AB.
Gary Henley, Orchid board member, said, “I am delighted to see Orchid’s growth with the acquisition of SMS, demonstrating Orchid’s commitment to supply-contract management and contract manufacturing for the orthopedic industry.”
SMS had sales of ca. 90 million USD in 2011 and it has operations in the United Kingdom, India, China and the U.S. employing approximately 550 people. Orchid is a recognized leader in the contract manufacturing business in the Orthopedic, Dental and Spinal industry and it will strengthen its significant influence in product offerings and customer service with the acquisition of SMS, together touching ca. 30% of the world’s orthopedic implants.
Orchid Orthopedic Solutions is a worldwide leader in contract design and manufacturing for the orthopedic, dental, and cardiovascular markets. Orchid’s mission is to be the leader in contract medical design and manufacturing by compressing time to market, providing new technology, and being the best total supply-chain value. The company consists of five divisions that offer an array of implants and instruments within the five core capabilities: design, forging, machining, plastics, and coatings.
The Altor Funds are private equity funds, consisting of the “Altor 2003 Fund”, which has committed capital of EUR 650 million, “Altor Fund II”, which has committed capital of EUR 1,150 million, and “Altor Fund III”, which has committed capital of EUR 2,000 million. The Altor Funds are advised by Altor Equity Partners. Altor’s investors include, among others, leading US university endowments and leading European pension and insurance institutions. Altor invests in companies , committed to creating value through growth, strategic development and operational improvements. Since being founded in 2003, the Altor Funds have made more than 30 platform investments and more than 35 strategic add-on acquisitions. Current and previous investments within the health care sector include Sonion, Ferrosan, and PaloDEx. For more information, please visit www.altor.com
[For inquiries please contact:]
Altor: Claes Ekström, Partner, Altor Equity Partners AB, +46 8 678 9129
Orchid: Mike Miller, CEO, Orchid Orthopedics, +1 517 694 2300