Riverside exits Australian orthopedics player

Riverside acquired GOT alongside CEO Andrew Fox-Smith and COO Duncan Lilley in 2014 in a deal worth about $47 million, according to AVCJ Research. At the time, the company was said to be the largest locally-owned orthopedics manufacturer in Australia with two design and production facilities.

Value-add efforts during the Riverside holding period included additional investment in the hip and knee product portfolio, the divestment of non-core businesses, restructuring of sales and distribution channels, and a team expansion. Ongoing growth initiatives include R&D alongside a number of local universities in the field of joint replacement treatment.

“It has been a pleasure partnering with the GOT team these past four years,” Steven Spiteri, a partner at Riverside, said in a statement. “Amidst a challenging market landscape, the business has remained dynamic and innovative, generating strong sales growth and maintaining its strict focus on corporate governance, compliance, and quality.”

Permira confirmed its acquisition of a majority stake Corin earlier this year for an undisclosed sum. The GP said it was targeting a $17.5 billion orthopedic implant market growing at a rate of 3-5% a year.

For Riverside, the latest deal marks its fourth Asia Pacific exit in the past 12 months, including Australian online compliance training company Learning Seat, which was acquired by NASDAQ-listed marketing services provider Callidus Software. In April, the private equity firm sold its position in New Zealand-based animal health devices manufacturer Simcro to Swiss counterpart Datamars.

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• Topics
• Australasia
• Trade sale
• Exits
• Healthcare
• Australia
• The Riverside Company
• Permira Advisers