Amplitude Surgical announces the signing of a definitive agreement for the sale of Novastep's activities
03 Avril 2023 - 8:00AM
Business Wire
Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible
for PEA-PME savings plans), a leading French player on the surgical
technology market for lower-limb orthopedics, announces the signing
of a definitive agreement with Enovis Corporation for the sale of
its whole Novastep business, specialized in clinically proven foot
and ankle solutions.
This transaction follows the decision of the Board of Directors
on June 28, 2022 to launch a strategic review of Novastep, which
specializes in extremity surgery (feet and ankles) and is supported
by subsidiaries in France (Novastep SAS) and in the United States
(Novastep Inc.), which are majority owned by Amplitude
Surgical.
Novastep develops solutions for foot and ankle surgery. In the
fiscal year ended June 30, 2022, the extremities business (ankle
and foot) generated revenues of 17.7 million euros. Subject to
usual adjustments, the sale is expected to generate proceeds for
Amplitude in an amount of slightly over 68 million euros.
The transaction remains subject to regulatory approvals and is
expected to close in the second quarter of 2023.
Amplitude Surgical and PAI Partners have been advised by
Rothschild & Co (Financial Advisor), Willkie Farr &
Gallagher (Legal Advisor), Eight Advisory (Finance) and Hogan
Lovells (Tax Advisory).
Olivier Jallabert, Amplitude Surgical’s CEO, said: “The
signing of this agreement for the sale of 100% of Novastep to
Enovis will allow Amplitude Surgical to maximize the value creation
of its historical activity while continuing its growth trajectory.
We are delighted that a prestigious company such as Enovis, with
whom we share the same values, can take over the development of
Novastep, whose innovative solutions are unanimously recognized by
the professional healthcare community. I would like to thank the
management of Novastep for this journey that created a leading
player in Minimally Invasive Surgery in foot and ankle
solutions.”
Next financial press release: Sales for the first 9
months of 2022-23, on Thursday April 20, 2023 (after
market).
About Amplitude Surgical
Founded in 1997 in Valence, France, Amplitude Surgical is a
leading French player on the global surgical technology market for
lower-limb orthopedics. Amplitude Surgical develops and markets
high-end products for orthopedic surgery covering the main
disorders affecting the hip, knee and extremities, and notably foot
and ankle surgery. Amplitude Surgical develops, in close
collaboration with surgeons, numerous high value-added innovations
in order to best meet the needs of patients, surgeons and
healthcare facilities. A leading player in France, Amplitude
Surgical is developing abroad through its subsidiaries and a
network of exclusive distributors and agents distributing its
products in more than 30 countries. Amplitude Surgical operates on
the lower-limb market through the intermediary of its Novastep
subsidiaries in France and the United States. At June 30, 2022,
Amplitude Surgical had a workforce of 460 employees and recorded
sales of nearly 104.8 million euros (including foot and ankle
activity and before application of IFRS 5).
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version on businesswire.com: https://www.businesswire.com/news/home/20230402005029/en/
Amplitude Surgical CFO Dimitri Borchtch
finances@amplitude-surgical.com +33 (0)4 75 41 87 41
NewCap Investor Relations Thomas Grojean
amplitude@newcap.eu +33 (0)1 44 71 94 94
NewCap Media Relations Nicolas Merigeau
amplitude@newcap.eu +33 (0)1 44 71 94 98
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