Permira-backed Corin boosts US presence with Omni bolt-on

The UK-based buyout house said it was excited about the potential to scale Omni's products in the US and other regions where Corin operates. The acquisition comes six months after Corin's last bolt-on, Australia-based Global Orthopaedic Technology, which provided scale to Corin's Australian operations and boosted its R&D capabilities.

Permira bought Corin early last year in a secondary buyout from a consortium that included Italian GPs DeA Capital and IP Investimenti e Partecipazioni.

Previous funding
Corin first received private equity backing in May 1994, when Bridgepoint and 3i acquired the business in a deal valued at £20m.

The business then floated on the London stock exchange eight years later with a valuation of £38m.

DeA, Hunt Capital and the De Negri family office, IP, invested in the take-private of Corin in January 2013. The transaction valued Corin at £30.5m.

Company
Founded in 1999 by a team of medical device engineers, Omni produces a robotics-assisted system used by surgeons to plan and perform knee replacements. It is headquartered in Massachusetts, the US.

People
Permira – Henry Minello (principal).
Omni – Rick Epstein (CEO).

Advisers
Acquirer – KPMG (tax); Skadden Arps Slate Meagher & Flom (legal).
Company – Foley Hoag (legal).

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