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Altor Aquires Orchid Orthopedic Solutions - Altor Fund III (“Altor”) has signed an agreement to acquire Orchid Orthopedic Solutions (“Orchid”) from Churchill Equity (“Churchill”). Orchid is a world-wide leading supplier of design and manufacturing services of implants
Altor Aquires Orchid Orthopedic Solutions

 

PRZOOM - /newswire/ - Holt, MI, United States, 2011/06/15 - Altor Fund III (“Altor”) has signed an agreement to acquire Orchid Orthopedic Solutions (“Orchid”) from Churchill Equity (“Churchill”). Orchid is a world-wide leading supplier of design and manufacturing services of implants.

   
 
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Orchid is a world-wide leading supplier of design and manufacturing services of implants and instruments for the orthopedic and dental markets, and has long term relationships with most of the leading medical device OEMs in the industry.

Orchid provides innovative design and development, implant and instrument manufacturing, advanced machining, plastics technology, implant coatings and surface treatment, and packaging services.

Working in partnership with medical device OEMs around the world, Orchid is able to leverage the lean principles of single-piece flow, waste minimization and process simplification. By tying its value stream to its customers', Orchid offers the best total supply chain value and the ability to bring world-class technology products to market rapidly.

“With an aging and increasingly active population in the western markets and increasing public and private health care spend in the developing markets, there is a fundamentally solid long term demand growth outlook for orthopedic and dental implants. With a leading position in a fragmented supplier industry, Orchid is very well placed to participate in that growth.” Hans Stråberg, future Chairman of the Board

“We are delighted to have Altor as a new owner. Altor shares our view on the future development of the company and have the resources, experience, and time horizon required. Orchid will continue with its customer-centric and partnership based approach, taking out cost and lead time from the supply chain which will enable us to continue to outgrow our competitors and earn new business from our customers.” Mike Miller, CEO of Orchid

“We are highly impressed with Orchid’s performance and its management team, and we are excited about the opportunity to develop and support the company in its continued growth, together with its management, organically as well as through an international expansion.” Claes Ekström, Partner at Altor Equity Partners AB

“We are very pleased to have found a dynamic, deeply committed and resourceful new owner for Orchid. Altor, with its international experience, significant resources, and ability to take a longer term investment perspective, is the perfect match for Orchid. Churchill has actively supported the development of Orchid into its current position, and is proud to hand over a company with a leading industry position and a bright future.” Sameer Vijayakar, Partner at Churchill Equity

For inquiries please contact:

• Altor: Claes Ekström, Partner, Altor Equity Partners AB, +46 8 678 9129
• Churchill: Sameer Vijayakar, Partner, Churchill Equity, +1 612 673 6624
• Orchid: Mike Miller, CEO, Orchid, +1 517 694 2300

About Altor
The Altor Fund III (Altor) is a private equity fund with committed capital of 3 billion USD. Altor is advised by Altor Equity Partners. Altor’s investors include, among others, leading US university endowment funds and leading European pension and insurance institutions. Altor invests in companies with a focus on value creation through growth initiatives, strategic development and operational improvements. Altor has a long term investment horizon with mandate to keep investments for more than ten years. The Altor Funds’ portfolio currently includes 25 companies with combined revenues of ca 12 billion USD and some 30,000 employees. Current and previous investments within the health care sector include Sonion, Ferrosan, and PaloDEx.

About Churchill
Churchill Equity provides equity investment capital for a wide variety of middle market businesses, and has successfully invested over 558 million USD in a diverse portfolio of over 30 companies throughout the U.S. and Canada. Equity capital is primarily provided for ownership transitions including recapitalizations, acquisitions, and buyouts.

 
 
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Altor Aquires Orchid Orthopedic Solutions

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Contact: Joe Zuzula - Orchid-Orthopedics.com 
517-694-2300 joe.zuzula[.]orchid-orthopedics.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Orchid Orthopedic Solutions securities in any jurisdiction including any other companies listed or named in this release.

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