VALENCE, France, April 03, 2023--(BUSINESS WIRE)--Regulatory News:
Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, eligible for PEA-PME savings plans), a leading French player on the surgical technology market for lower-limb orthopedics, announces the signing of a definitive agreement with Enovis Corporation for the sale of its whole Novastep business, specialized in clinically proven foot and ankle solutions.
This transaction follows the decision of the Board of Directors on June 28, 2022 to launch a strategic review of Novastep, which specializes in extremity surgery (feet and ankles) and is supported by subsidiaries in France (Novastep SAS) and in the United States (Novastep Inc.), which are majority owned by Amplitude Surgical.
Novastep develops solutions for foot and ankle surgery. In the fiscal year ended June 30, 2022, the extremities business (ankle and foot) generated revenues of 17.7 million euros. Subject to usual adjustments, the sale is expected to generate proceeds for Amplitude in an amount of slightly over 68 million euros.
The transaction remains subject to regulatory approvals and is expected to close in the second quarter of 2023.
Amplitude Surgical and PAI Partners have been advised by Rothschild & Co (Financial Advisor), Willkie Farr & Gallagher (Legal Advisor), Eight Advisory (Finance) and Hogan Lovells (Tax Advisory).
Olivier Jallabert, Amplitude Surgical’s CEO, said: "The signing of this agreement for the sale of 100% of Novastep to Enovis will allow Amplitude Surgical to maximize the value creation of its historical activity while continuing its growth trajectory. We are delighted that a prestigious company such as Enovis, with whom we share the same values, can take over the development of Novastep, whose innovative solutions are unanimously recognized by the professional healthcare community. I would like to thank the management of Novastep for this journey that created a leading player in Minimally Invasive Surgery in foot and ankle solutions."
Next financial press release:
Sales for the first 9 months of 2022-23, on Thursday April 20, 2023 (after market).
About Amplitude Surgical
Founded in 1997 in Valence, France, Amplitude Surgical is a leading French player on the global surgical technology market for lower-limb orthopedics. Amplitude Surgical develops and markets high-end products for orthopedic surgery covering the main disorders affecting the hip, knee and extremities, and notably foot and ankle surgery. Amplitude Surgical develops, in close collaboration with surgeons, numerous high value-added innovations in order to best meet the needs of patients, surgeons and healthcare facilities. A leading player in France, Amplitude Surgical is developing abroad through its subsidiaries and a network of exclusive distributors and agents distributing its products in more than 30 countries. Amplitude Surgical operates on the lower-limb market through the intermediary of its Novastep subsidiaries in France and the United States. At June 30, 2022, Amplitude Surgical had a workforce of 460 employees and recorded sales of nearly 104.8 million euros (including foot and ankle activity and before application of IFRS 5).
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