Ossur Hf : Össur acquires TeamOlmed in Sweden
(Thomson Reuters ONE) -
Announcement from Össur hf. No:15/2013
Reykjavik, 21 May 2013
Össur acquires TeamOlmed in Sweden
Össur has today signed an agreement to acquire 100% of the shares of TeamOlmed,
a leading Swedish orthotic and prosthetic (O&P) provider, for SEK 310 million
(USD 47 million). Additional payments of up to SEK 50 million (USD 7 million)
depend on TeamOlmed meeting certain revenue and profitability targets in 2013
and 2014.
Össur has a long standing business relationship with TeamOlmed. With the
acquisition, Össur gains a significant share of the Swedish O&P market. Össur
and TeamOlmed together will be a strong partner for county councils, prescribers
and patients offering innovative, cost effective and clinically proven solutions
in Sweden.
TeamOlmed was created in 2011 through the merger of Olmed Ortopediska (founded
in 1984) and Team Ortopedteknik (founded in 1994). TeamOlmed is Sweden's
largest provider of O&P solutions to patients with impaired mobility. The vast
majority of sales are through contracts with county councils in Sweden. The
company has over 300 employees in patient care centers in Stockholm, Jönköping,
Uppsala and several other locations around Sweden. Total revenues in 2012
amounted to SEK 348 million (USD 52 million) with an adjusted EBITDA of SEK 43
million (USD 6 million), which is expected to be the full year impact to Össur
financials once fully consolidated. Total assets of TeamOlmed amounted to SEK
419 million (USD 63 million) at end of year 2012.
The purchase price is paid in full in cash and financed through existing
financing facilities. The acquisition is subject to approval from Stockholm
County Council and is expected to close in Q3 2013.
Jon Sigurðsson, President & CEO:
"We are excited to partner with TeamOlmed and its employees. TeamOlmed's
expertise and commitment in providing excellent patient care is very
complimentary to Össur. This acquisition is an important milestone for Össur,
strengthening our position in an increasingly consolidated Swedish market."
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About Össur
Össur (NASDAQ OMX: OSSR) is a global leader in non-invasive orthopaedics that
help people live a life without limitations. Its business is focused on
improving people's mobility through the delivery of innovative technologies
within the fields of braces, supports, prosthetic limbs and compression
therapy. A recognized "Technology Pioneer", Össur invests significantly in
research and product development; its award-winning designs ensuring a
consistently strong position in the market. Successful patient and clinical
outcomes are further empowered via Össur's educational programs and business
solutions. Headquartered in Iceland, Össur has major operations in the
Americas, Europe and Asia, with additional distributors worldwide. www.ossur.com
Forward-Looking Statements
This press release includes "forward-looking statements" which involve risks and
uncertainties that could cause actual results to differ materially from results
expressed or implied by these statements. Össur hf. undertakes no obligation and
does not intend to update these forward-looking statements to reflect events or
circumstances occurring after this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
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other applicable laws; and
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originality of the information contained therein.
Source: Ossur Hf via Thomson Reuters ONE
[HUG#1703206]
Unternehmensinformation / Kurzprofil:
Datum: 21.05.2013 - 09:01 Uhr
Sprache: Deutsch
News-ID 261797
Anzahl Zeichen: 4707
contact information:
Town:
Reykjavik
Kategorie:
Business News
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