The Riverside Company, a global private equity firm, has sold Global Orthopaedic Technologies (GOT) to Corin Orthopaedic Holdings Limited (Corin). This represents Riverside’s fourth exit in the past twelve months in the Asia Pacific region.
Riverside, in partnership with GOT Chief Executive Andrew Fox-Smith and Chief Operating Officer Duncan Lilley, led a management buy-in of Baulkham Hills, New South Wales-based GOT in 2014. GOT is Australia’s largest sovereign product orthopaedic business – designing, manufacturing and distributing a portfolio of hip and knee implants, supported by adjunct products and technologies.
“It has been a pleasure partnering with the GOT team these past four years,” said Riverside Partner Steven Spiteri. “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.”
During its hold, Riverside worked with GOT management to restructure the business by investing heavily in the hip and knee product portfolio, divesting non-core businesses, restructuring sales and distribution channels and expanding the talent pool. The business’ strong growth trajectory is underpinned by exciting project initiatives, such as GOT’s R&D collaboration with a group of leading Australian universities in the area of nanostructured surfaces as a potential solution to help fight joint replacement infection.
Fox-Smith, who invested alongside Riverside in the deal, is delighted with the outcome.
“Our acquisition by Corin represents a fantastic next step for both our people and our customers,” said Fox-Smith. “Corin has an excellent track record in the total joint replacement market and its dynamic and innovative culture is a natural fit to how we have been operating over the last four years. We’re very excited about what the combined business can achieve, not only in Australia, but also through faster international expansion of GOT’s Australian developed product portfolio.”
Working with Spiteri on the investment for Riverside were Partners Simon Feiglin and Stuart Baxter and Senior Associate Kevin Xu.
GOT received corporate and strategic advice from Allier Capital, legal advice from Herbert Smith Freehills, financial advice from KPMG and tax advice from Deloitte.
Global Orthopaedic Technologies
GOT is Australia’s largest owned designer and manufacturer of orthopaedic implants with a particular focus in lower limb arthroplasty.
The Riverside Company
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 550 transactions. The firm’s international portfolio includes more than 80 companies.