Corin Medical, which has its headquarters in Cirencester, has sold a majority stake in the company to a company backed by global investment company Permira.
A company backed by the Permira funds has signed a definitive agreement to acquire a majority stake in Corin from DeA Capital Alternative Funds SGR, Hunt Capital, IP (Investimenti e Partecipazioni) and other investors, for an undisclosed sum.
The investment provides substantial new funding to fuel the next stage of Corin’s development after what the company describes as five years of outstanding growth.
Chief Executive Stefano Alfonsi and the management team will continue to lead Corin and will remain significant investors in the Company alongside the Permira funds.
Corin is an international orthopaedic company with a direct presence in a majority of the world’s orthopaedic markets.
Permira identified Corin as an attractive med-tech investment opportunity based on a number of factors including a very large orthopaedic implant market ($17.5 billion) growing at 3 – 5 per cent per annum as a result of increasing healthcare expenditures driven by long-term trends including a growing ageing population, more active elderly people and increasing obesity levels.
Other factors included challenger Original Equipment Manufacturers (OEMs) gaining market share in the orthopaedic industry through better product innovation, focus on customer service and enhanced software including positioning, patient monitoring and robotics.
Stefano Alfonsi, CEO of Corin, said: “We are delighted to partner with a leading investment firm like Permira to support us in achieving our ambitious growth plan. In the last five years we have laid the foundations for Corin to become a very competitive player in the orthopaedic industry. We are ready and excited for Corin’s future. I would like to thank our team for all their hard work which has been critical to the company’s success over the last 5 years and will be even more critical for the future.”
Silvia Oteri, Partner in Permira’s Healthcare Team, added: “We are extremely excited to support Stefano Alfonsi and his outstanding management team in the next phase of Corin’s development. We have been following the orthopaedic industry for a long time and have been impressed by the rapid growth of challenger innovative companies like Corin. Since 2012, the Company has transformed from a basic orthopaedic manufacturer into a fast-growing international software-led orthopaedic-implant designer. We look forward to working with the team, and drawing on our significant healthcare and technology experience, to help the company capture further growth opportunities.”