Scottish Enterprise et al. in £27.5m Touch Bionics trade sale

Mikkel Stern-Peltz
11 April 2016

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Scottish Enterprise, Archangel Informal Investments and TRI Capital have sold Scotland-based prosthetics technology company Touch Bionics to Icelandic trade buyer Уssur for ТЃ27.5m.

The deal sees all three Scottish early-stage investors exit their investments in Livingston-based Touch Bionics, which was previously known as Touch EMAS.

For Össur, the acquisition of Touch Bionics expands the Icelandic prosthetics maker's product portfolio to include arm and hand prosthetics. The acquirer hopes it will strengthen its position on the global market as a result.

The transaction value is on a debt-free basis and will be financed entirely through Össur's existing debt facilities.

Previous funding
Archangel and Scottish Enterprise first backed Touch Bionics – then Touch EMAS – in November 2004, investing £1m.

In July 2007, TRI Capital joined as an investor after injecting an undisclosed amount of capital. Touch Bionics' latest round of funding was in October 2011, when Archangel and Scottish Enterprise invested a further £2.5m in the company.

Company
Headquartered in Livingston, Touch Bionics is a provider of prosthetic technologies for hands and arms.

Its product portfolio includes an electrically powered prosthetic hand with five independently powered fingers, as well as passive silicone prostheses.

Touch Bionics had revenues of £15m in 2015 with an adjusted EBITDA of £900,000. It employs a staff of 120 across offices in Scotland, Germany and the US.

People
Touch Bionics – Ian Stevens (CEO).
Össur – Jon Sigurdsson (CEO).