Zimmer Biomet Completes Acquisition of A&E Medical Corporation

IndustryPRwire -- Zimmer Biomet announced that the company has completed the acquisition of A&E Medical Corporation, a Vance Street Capital Portfolio Company, for $150 million in cash at closing and $100 million in cash payable in 2021.  The deal is expected to have an immaterial impact to net earnings in 2020.

Zimmer Biomet has acquired A&E Medical and its complete portfolio of sternal closure devices – including sternal sutures, cable systems, and rigid fixation – along with a range of single-use complementary temporary pacing wire and surgical punch products.

Bryan Hanson, President and CEO of Zimmer Biomet Commented "A&E Medical's high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs, This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth."

The global sternal closure business is growing at a high single digit percentage rate annually.  Revenue from the new integrated business will be recognized in Zimmer Biomet's Dental, Spine & Craniomaxillofacial and Thoracic (CMFT) product category. 

Thomas J. Sullivan, President & Chief Executive Officer of A&E Medical Corporation Commented "We believe the addition of A&E's leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients and health care systems."

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