Private equity firm EQT Partners has acquired a majority stake in orthopedic surgical company Lima from European mutual fund manager Ardian for an undisclosed sum. Lima specializes in titanium orthopedic implants. EQT expects to continue focusing on the company's Trabecular Titanium technology for hip revision, strengthening its position in knee surgery and capitalizing upon its shoulder replacement product portfolio.
Ardian has been a Lima shareholder since 2012. It guided the company through the last few years in which it expanded into marketing implants for the extremities and knee.
Earlier this year, Lima bought European rights to the Zuk unicompartmental knee, now rebranded as Physica Zuk, and the Discovery Total Elbow system from Zimmer as part of its merger with Biomet. It also gained rights to Biomet's Vanguard Complete Knee System in a couple of European countries. The terms of that deal were undisclosed.
"EQT has followed Lima for almost ten years and we are impressed by the Company's growth history as well as the strength of the management team. We are now keen to support Lima in its next phase of development," said EQT Investment Advisor Michael Bauer in a statement. "Lima is well-positioned for future growth and we are convinced it can be accelerated by leveraging our industrial network and resources."
Added Lima CEO Luigi Ferrari, "By working together, we are confident to continue to provide surgeons and their patients the most effective and safest implant technology on the market today."
In the last three years, Lima has expanded its workforce by 30% to reach 750 employees globally. It also opened a number of new regional subsidiaries including most recently in South Korea, Turkey, Denmark, Belgium and South Africa. The private company reportedly had €145 million in 2014 revenues, up 11% from the prior year in constant currency.
- here is the announcement