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Permira funds to buy UK orthopedic firm Corin

MDBR Staff Writer Published 11 May 2018

Global investment firm Permira has agreed to acquire a majority stake in UK-based Corin Orthopedics for an undisclosed sum.

Permira is purchasing the stake from DeA Capital Alternative Funds SGR, Hunt Capital, Investimenti e Partecipazioni (IP) and other investors.

Based in Cirencester, Corin provides a combination of clinically-proven hip, knee, ankle and shoulder solutions, as well as advanced technologies with connected insight to the patients, surgeons and healthcare providers.

Permira has preferred Corin as a better med-tech investment choice, as the orthopedic implant market is valued at around $17.5bn, and growing between 3% and 5%.

It will also help to serve growing original equipment manufacturers (OEMs) in the orthopedic industry through providing customer service and enhanced software for positioning, patient monitoring and robotics.

Corin CEO Stefano Alfonsi and the management team will continue to manage the company, in addition to remaining as significant investors beside Permira funds.

Alfonsi said: “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.”

Permira’s healthcare team partner Silvia Oteri said: “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.”

Recently, Permira also invested in other healthcare entities such as I-MED Radiology Network, LSNE, Althea, Atrium Innovations, PHARMAQ and Creganna Medical.

I-MED Radiology Network provides diagnostic imaging services in Australia, while LSNE is a lyophilization contract manufacturing pharma specialist, and Althea provides healthcare technology solutions.

Atrium Innovations produces and commercializes science-based health and nutrition products, while PHARMAQ produces vaccines and therapeutic products for the aquaculture industry, and Creganna Medical supplies minimally invasive surgical devices.