Kloepfel Corporate Finance exclusively advised WITTENSTEIN SE on the disposal of its med-tech business to medical device specialist Orthofix
Munich, February 2020 – Kloepfel Corporate Finance has acted as exclusive financial adviser to WITTENSTEIN SE (WITTENSTEIN) on the sale of its med-tech business to US based stock listed Orthofix Medical Inc. (Orthofix). The acquisition is anticipated to close by the end of the first quarter of 2020 subject to customary closing conditions.
Orthofix will take over the portfolio of medical devices – comprised of FITBONE® and FITSPINE® – from WITTENSTEIN subsidiary WITTENSTEIN intens GmbH. WITTENSTEIN believes that the development and marketing opportunities will be significantly improved as a result of transferring this innovative, human centered drive technology to Orthofix, a global leader in the field of medical devices.
WITTENSTEIN intens GmbH develops, manufactures and markets smart implants for use in orthopedics and traumatology in particular intramedullary limb lengthening as well as controllable mechatronic drive systems for med-tech applications.
“It is increasingly difficult for a classic engineering firm like WITTENSTEIN to take adequate account of the specific characteristics of the med-tech business”, said Dr. Bertram Hoffmann, CEO of WITTENSTEIN, when asked to comment on the sale. “We, the Supervisory Board and the owning Wittenstein family are united by a common conviction that an established, specialized company in the med-tech industry is much better positioned to continue developing and perfecting WITTENSTEIN’s medical technology successfully.
With the addition of the FITBONE system, Orthofix becomes the only orthopedic company that offers a comprehensive portfolio of both internal and external fixation solutions for limb reconstruction. The FITBONE system will augment Orthofix’s current deformity and limb reconstruction offerings that include the TL-HEX™ computer-assisted ring fixation system for external limb lengthening and the eight-Plate Guided Growth System™ for correcting angular growth deformities in pediatric patients.
„Kloepfel Corporate Finance has given us excellent advice in all relevant business, financial and process-tactical aspects of the sales process with great commitment and dedication. With the right negotiating skills and at the same time a high level of fairness, it was possible to achieve an outstanding result in such a complex and time-consuming transaction. I’d like to thank Andreas and the team for their support, advice and encouragement during the entire process.” Erik Roßmeißl, CFO and member of the executive board, WITTENSTEIN.
Kloepfel Corporate Finance has exclusively advised WITTENSTEIN and supported in structuring, negotiating and successfully executing the transaction in a competitive international M&A process.