The shopping spree continues: DJO acquires Switzerland's Mathys to grow global orthopedics footprint

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Mathys AG Bettlach makes devices for hip, knee and shoulder replacements, a synthetic bone graft substitute and the Ligamys implant for ACL procedures, all of which are distributed throughout Europe and Asia. (Getty/Natee Meepian)

DJO Global is putting the “therapy” in retail therapy: The surgical device maker has now made five acquisitions since last November, with all but one in the reconstructive surgery space.

The latest of these falls squarely into that category. Mathys AG Bettlach, based in Switzerland with subsidiaries across Europe and the Asia-Pacific regions, has been developing and distributing devices for joint replacement and ligament repair procedures since the mid-20th century.

Those products include a variety of components for artificial hip, knee and shoulder replacements, as well as its Cyclos synthetic bone graft substitute and the Ligamys implant for sports medicine procedures, to repair the anterior cruciate ligament of the knee, commonly known as an ACL injury.

DJO’s purchase of Mathys is expected to be completed in the third quarter of this year. Financial terms of the deal were not disclosed.

RELATED: DJO Global continues string of orthopedic acquisitions with purchase of device maker MedShape

Though Mathys offers a vast product portfolio and half a century of experience in the orthopedic device space, its central selling point for DJO was its widespread international reach, which includes twelve subsidiaries across Europe, Asia and New Zealand.

“We are very pleased by this opportunity to enlarge our successful reconstructive product portfolio with Mathys’ complementary surgical solutions and customer base, and even more excited about our ability to quickly advance our collective orthopedic leadership outside of the United States,” DJO CEO Brady Shirley said in a release.

With the help of Mathys’ footholds around the world, DJO will have immediate access to dozens of new markets for its own reconstructive devices upon the closure of the deal.

That portfolio is led by the AltiVate Reverse system for shoulder replacement and the Empowr hip and knee replacement products, in addition to a handful of other foot and ankle offerings.

RELATED: After paying $3B to enter orthopedics, Colfax now plans to split itself in two

The purchase of Mathys is DJO’s most recent in a string of acquisitions directed at expanding its reach in orthopedics, which began not long after DJO itself was acquired.

That deal closed in early 2019 when Colfax Corporation finalized its $3.15 billion purchase of DJO, which clocked in as the fifth-largest medtech buyout of that year.

Since then, Colfax has made plans to separate out DJO’s portfolio from the rest of its business—comprising industrial products for construction, shipbuilding and more—into a planned, publicly-traded medtech company, with a spinout expected to be completed in early 2022.

By then, there’s no telling how massive DJO’s product line will be. In just the last seven months, in addition to Mathys, the company has acquired MedShape, Trilliant Surgical, LiteCure Laser Therapy and Stryker’s total ankle and finger arthroplasty product lines—and it’s showing no signs of slowing down.