Ottobock HealthCare GmbH has acquired lower limb prosthetics developer Freedom Innovations from its previous owner, Health Evolution Partners, according to a press release.
The two companies signed the purchase agreement on Sept. 22 in Irvine, California. According to the release, Freedom Innovations will continue to keep its brand. The details of the purchase contract are subject to a confidentiality agreement, according to the release.
“Unique opportunities simply have to be taken,” Hans Georg Näder, president of Ottobock HealthCare GmbH, said in the release. “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.”
According to Näder, the purchase allows Ottobock to “take Freedom Innovations to the next level thanks to the strength of our global sales network.”
“Users will benefit from an even broader spectrum of innovative systems in prosthetics and a full pipeline of new products, thanks to our combined development expertise,” he said. “Employees at Freedom Innovations will become part of a large, successful company, and our growth strategy will be bolstered by a great brand that will also further strengthen our presence in North America.”
According to the release, Freedom Innovations employs 150 people around the world. Headquartered in Irvine, California, sales in North America account for 75% of the company’s turnover.
“Ottobock is the ideal partner for us,” Maynard C. Carkhuff, newly appointed chairman of Freedom Innovations, said in the release. “No other company can offer users and employees anything comparable. We’re excited to be sharing our journey with Ottobock in the future.”
Dave Reissfelder, who led the Ottobock subsidiary BionX, has been appointed as the new chief executive officer of Freedom Innovations.
“I’m looking forward to being a part of Freedom Innovations,” Reissfelder said in the release. “Together with the employees, the management team and Ottobock, we’ll make the company flourish.”