Ottobock’s latest acquisition, Freedom Innovations, means the German prosthetics and mobility supplier has further expanded its market share in the US and has closed a gap in its product portfolio.
The German supplier of technical orthopaedics is building on its leading position in the field of prosthetics with a string of acquisitions, including one earlier this year which saw it buy US company BionX.
Ottobock acquired Freedom Innovations from its previous owner, private equity company Health Evolution Partners (HEP). The two parties signed a binding purchase agreement on 22 September in California.
“Unique opportunities simply have to be taken. Together, Ottobock and Freedom Innovations – the number one and the number three on the American market – will benefit from their combined sales power and portfolios. Integrating the company into the global Ottobock family offers significant advantages; we will be able to generate synergies and take Freedom Innovations to the next level thanks to the strength of our global sales network,” said Prof Hans Georg Näder, president of Ottobock Healthcare.
“Users will benefit from an even broader spectrum of innovative systems in prosthetics and a full pipeline of new products, thanks to our combined development expertise. Employees at Freedom Innovations will become part of a large, successful company. And our growth strategy will be bolstered by a great brand that will also further strengthen our presence in North America.”
Freedom Innovations is the number three in the field of prosthetics in the US. Sales in North America account for three quarters of the Californian company’s turnover.
“Ottobock is the ideal partner for us,” said Maynard C. Carkhuff, newly appointed chairman of Freedom Innovations. “No other company can offer users and employees anything comparable. We’re excited to be sharing our journey with Ottobock in future.”
Meanwhile, Dave Reissfelder, who has headed the Ottobock subsidiary BionX in Boston to date, has been appointed as the new CEO. “I’m really looking forward to being a part of Freedom Innovations,” Reissfelder sayid. “Together with the employees, the management team and Ottobock, we’ll make the company flourish.”