Germany-based prosthetics manufacturer Otto Bock HealthCare GmbH announces the acquisition of Irvine, Calif-headquartered manufacturer Freedom Innovations from its previous owner, private equity company Health Evolution Partners, for an undisclosed sum.
The Freedom Innovations name will continue to be used following the transaction’s closing.
In addition, Dave Reissfelder, who to date has headed the Ottobock subsidiary BionX in Boston, has been appointed the new CEO, according to a media release from Freedom Innovations.
“Together, Ottobock and Freedom Innovations—the number one and the number three on the American market—will benefit from their combined sales power and portfolios. Integrating the company into the global Ottobock family offers significant advantages; we will be able to generate synergies and take Freedom Innovations to the next level thanks to the strength of our global sales network,” says Prof Hans Georg Näder, president of Otto Bock HealthCare GmbH, in the release.
“Ottobock is the ideal partner for us,” states Maynard C. Carkhuff, newly appointed chairman of Freedom Innovations. “No other company can offer users and employees anything comparable. We’re excited to be sharing our journey with Ottobock in the future.”
Reissfelder adds that, “I’m really looking forward to being a part of Freedom Innovations. Together with the employees, the management team and Ottobock, we’ll make the company flourish.”
Freedom Innovations employs more than 150 people around the world. Its European headquarters are based in Enschede, Netherlands, per the release.
[Source: Freedom Innovations]