Enovis (NYSE:ENOV) announced today that it closed its nearly $850 million acquisition of orthopedic company LimaCorporate.
Wilmington, Delaware-based Enovis announced its intent to acquire Lima in September. Enovis — one of the 10 largest orthopedic companies in the world — valued the deal at approximately $846.4 million (€800 million).
The deal includes a $740.6 million (€700 million) cash payment at closing. The remaining $105.8 million (€100 million) comes in the form of shares of Enovis common stock.
Lima develops digital innovations and patient-tailored hardware. It aims to empower surgeons and improve patient outcomes following joint replacement surgery.
Enovis says the addition of Lima establishes a $1 billion reconstruction business and expands its international scale. It also expects improved efficiency with state-of-the-art manufacturing facilities and a strong innovation engine. The company said the addition of Lima brings a complementary portfolio, including 3D-printed trabecular titanium.
“We are excited to welcome Lima’s talented team to Enovis,” Matt Trerotola, chair and CEO, said in a news release. “The combination brings Enovis’ recon segment to $1 billion in revenues and creates a fast-growing innovator in the global orthopedic reconstruction market. This is another great example of how we use strategic acquisitions to accelerate our growth, add great technologies and talent to our company, and drive compounding value for our shareholders.”
The deal marks the second big acquisition in the past seven months for Enovis. It bought minimally invasive surgical platform developer Novastep in June.