DJO Global Acquires Exos Corporation
DJO Global Acquires Exos Corporation (press release)
DJO Global, Inc. (“DJO Global” or the “Company”), a global provider of medical device solutions for musculoskeletal health, vascular health and pain management, today announced that its indirect subsidiary, DJO, LLC, a wholly-owned subsidiary of DJO Finance, LLC (“DJOFL”), signed a merger agreement with Exos Corporation (“Exos”), and consummated the acquisition of Exos, both effective December 28, 2012.
“DJO has been an incredible partner for Exos over the past year”
Exos is a medical device company focused on a revolutionary thermoformable external musculoskeletal stabilization system. Exos, based in Minnesota, has issued and pending U.S. patents for the application, materials and construction of its products and continues to add to its intellectual property portfolio. Exos offers a thermoformable bracing system, comprised of a waterproof, removable, adjustable and reformable solution for the treatment of fractures and other injuries requiring stabilization. This innovative technology has the opportunity to significantly change clinical practices for external musculoskeletal support and stabilization. DJO, LLC has been the exclusive distribution partner for Exos in the United States since October 1, 2011.
Because DJO, LLC is already the distribution partner for Exos, the Company said that the merger will not impact DJOFL’s reported net sales, but is expected to increase DJOFL’s operating margins and operating income from the sale of Exos products. The financial terms of the merger have not yet been disclosed, but the Company indicated that, on a pro forma basis, taking the acquisition of Exos into consideration, it does not expect any material changes in DJOFL’s ratios of net first lien debt or net total debt to pro forma consolidated EBITDA.
“It has been a pleasure working with Exos over the past 15 months,” said Steve Ingel, president of DJO Global’s Bracing and Supports business unit. “With the combination of Exos’ unique technology and our distribution network, we have been able to make significant headway in the marketplace. We welcome the entire Exos team to our DJO Global family and look forward to working together with them to launch more products incorporating the Exos technology to more customers in more geographies around the world.”
“DJO has been an incredible partner for Exos over the past year,” said Fariborz Boor Boor, Chief Executive Officer of Exos. “DJO has a proud history of innovation, world class customer service and a terrific corporate culture, which makes it a perfect fit for our employees and technology. We look forward to joining the DJO team.”
About DJO Global
DJO Global is a leading global developer, manufacturer and distributor of high-quality medical devices that provide solutions for musculoskeletal health, vascular health and pain management. The Company’s products address the continuum of patient care from injury prevention to rehabilitation after surgery, injury or from degenerative disease, enabling people to regain or maintain their natural motion. Its products are used by orthopedic specialists, spine surgeons, primary care physicians, pain management specialists, physical therapists, podiatrists, chiropractors, athletic trainers and other healthcare professionals. In addition, many of the Company’s medical devices and related accessories are used by athletes and patients for injury prevention and at-home physical therapy treatment. The Company’s product lines include rigid and soft orthopedic bracing, hot and cold therapy, bone growth stimulators, vascular therapy systems and compression garments, therapeutic shoes and inserts, electrical stimulators used for pain management and physical therapy products. The Company’s surgical division offers a comprehensive suite of reconstructive joint products for the hip, knee and shoulder. DJO Global’s products are marketed under a portfolio of brands including Aircast®, Chattanooga, CMF™, Compex®, DonJoy®, Empi®, ProCare®, DJO® Surgical and Dr. Comfort®. For additional information on the Company, please visitwww.DJOglobal.com.