Steeper Group has completed the acquisition of the Espire ElbowTM prostheses range from US based College Park Industries.
Following the announcement of intent, and Federal Trade Commission approval of the acquisition of College Park Industries by Össur, the three parties agreed to delay finalisation of the Espire deal due to the Coronavirus crisis but the transaction has now been completed.
Paul Steeper, CEO of Steeper Group, commented: “We are thrilled to be able to add the Espire Elbow range to our upper limb product portfolio.
“This deal has been in discussion for almost a year and the Covid-19 pandemic has proved a huge hurdle, however the time is right to seize the opportunity to grow our business.”
The Espire Elbow range is designed to reflect the anatomical shape and function of the elbow. It offers a choice between five models, including the Espire Pro which has just been awarded the prestigious Red Dot Award: Product Design 2020, which is testament to its revolutionary design including powered movement.
The Espire Elbow range equips users with intuitive control of the prosthetic elbow joint, allowing everyday activities such as lifting and carrying bags to be done with ease.
Steeper Group says it is now positioned to grow globally, with plans to increase teams both in the UK and USA to provide additional manufacturing and technical support for the Espire range to customers around the world.
Paul Steeper commented “We will be growing our teams both in the UK and at SteeperUSA to continue the success seen by College Park with the Espire range, and most importantly serve the customers and patients who have reached their turning point thanks to the Espire Elbow.”
A transition period of six months is now in place, where the experts in design and manufacture at College Park Industries will share their knowledge and skills with their counterparts at Steeper Group.
Throughout this transitionary phase customers should continue to contact their regular supplier for the Espire Elbow range, and both Steeper Group and College Park Industries will be contacting customers to explain about the acquisition to ensure a smooth transfer.