WARSAW, Ind., Dec. 1, 2020 /PRNewswire/ -- Zimmer Biomet
Holdings, Inc. (NYSE and SIX: ZBH), a global leader in
musculoskeletal healthcare, today 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 & Chief
Executive Officer of A&E Medical Corporation.
About Zimmer Biomet
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global
leader in musculoskeletal healthcare. We design, manufacture and
market orthopedic reconstructive products; sports medicine,
biologics, extremities and trauma products; office-based
technologies; spine, craniomaxillofacial and thoracic products;
dental implants; and related surgical products.
We collaborate with healthcare professionals around the globe to
advance the pace of innovation. Our products and solutions help
treat patients suffering from disorders of, or injuries to, bones,
joints or supporting soft tissues. Together with healthcare
professionals, we help millions of people live better lives.
We have operations in more than 25 countries around the world
and sell products in more than 100 countries. For more information,
visit www.zimmerbiomet.com, or follow Zimmer Biomet on Twitter at
www.twitter.com/zimmerbiomet.
About A&E Medical Corporation
Founded in 1968 and headquartered in Farmingdale, New Jersey, A&E Medical is a
leading designer and manufacturer of a comprehensive portfolio
sternal closure devices including A&E DoubleWire™, the A&E
Medical® Sternal Cable System, and the Thorecon® and Tritium® rigid
fixation systems; along with a wide variety of temporary cardiac
pacing wires including the MYO/Wire® Ultra-Thin and MYO/Wire®
Ultra-Flex brands, disposable patient cables, and A&E Medical®
Surgical Punch. A&E Medical was acquired by Vance Street
Capital in 2016.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm
focused on investing in highly engineered solutions businesses
across the medical, aerospace, defense and industrial sectors. For
more than two decades, Vance
Street's partners have worked with management teams and
family owners to accelerate revenue growth, improve operations and
acquire strategic assets for the companies in their investment
portfolio. For more information, visit
www.vancestreetcapital.com.
Media
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Investors
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Meredith
Weissman
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Keri
Mattox
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703-346-3127
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215-275-2431
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meredith.weissman@zimmerbiomet.com
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keri.mattox@zimmerbiomet.com
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Ezgi Yagci
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617-549-2443
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ezgi.yagci@zimmerbiomet.com
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SOURCE Zimmer Biomet Holdings, Inc.