Corin, the international orthopaedic company headquartered in Cirencester, backed by Permira Funds which acquired a majority stake in the business earlier this year, has signed a binding agreement to acquire of Global Orthopaedic Technology Pty Ltd, the largest Australian-based orthopaedic implant designer and manufacturer.
The acquisition will strengthen Corin’s position as a global leader in the hip and knee joint replacement market and is a testament to Corin’s accelerated global expansion and focus on innovation, says the company. Corin’s research and development Hub in Australia is a key pillar of its global innovation capabilities and differentiated product offering. The combination with GOT provides significant scale to Corin’s operations in Australia – one of the world’s most attractive orthopaedics markets, as well as additional research and development expertise.
Global Orthopaedics Technology formed 19 years ago, offers an extensive range of orthopaedic implants including knee and hip products with enabling robotics and navigation technologies. The company has a significant Australian footprint and an export business in the USA.
Stefano Alfonsi, Chief Executive Officer of Corin, said: “This agreement will further strengthen our presence in the sophisticated and competitive Australian market. The combination of Corin and GOT capabilities creates a leading player in Australia with stronger ability to fulfill the needs of hip and knee surgeons. I look forward to welcoming the talented GOT team into the Corin global family.”
Andrew Fox-Smith, Chief Executive Officer of GOT, added: “Our acquisition by Corin represents a fantastic next step for both our people and our customers. Corin has an excellent track record in the total joint replacement market and their dynamic and innovative culture is a natural fit to how we have been operating over the last 4 years. We’re very excited about what the combined business can achieve, not only here in Australia but also via faster expansion internationally of GOT’s Australian developed product portfolio.”
Silvia Oteri, Partner with Permira, said: “The Permira funds backed Corin and its outstanding management team as it is a strong and ambitious leader in its market with a clear vision to revolutionise orthopaedics. The GOT acquisition represents an important step forward in building a leading and innovative successful platform in the space.”
This summer Princess Anne paid a visit to Corin to open the company’s new manufacturing facility in the town.