Announcement from Össur hf. No:15/2013
Reykjavik, 21 May 2013
Össur acquires TeamOlmed in Sweden
Össur has today signed an agreement to acquire 100% of the shares of TeamOlmed, a leading Swedish orthotic and prosthetic (O&P) provider, for SEK 310 million (USD 47 million). Additional payments of up to SEK 50 million (USD 7 million) depend on TeamOlmed meeting certain revenue and profitability targets in 2013 and 2014.
Össur has a long standing business relationship with TeamOlmed. With the acquisition, Össur gains a significant share of the Swedish O&P market. Össur and TeamOlmed together will be a strong partner for county councils, prescribers and patients offering innovative, cost effective and clinically proven solutions in Sweden.
TeamOlmed was created in 2011 through the merger of Olmed Ortopediska (founded in 1984) and Team Ortopedteknik (founded in 1994). TeamOlmed is Sweden's largest provider of O&P solutions to patients with impaired mobility. The vast majority of sales are through contracts with county councils in Sweden. The company has over 300 employees in patient care centers in Stockholm, Jönköping, Uppsala and several other locations around Sweden. Total revenues in 2012 amounted to SEK 348 million (USD 52 million) with an adjusted EBITDA of SEK 43 million (USD 6 million), which is expected to be the full year impact to Össur financials once fully consolidated. Total assets of TeamOlmed amounted to SEK 419 million (USD 63 million) at end of year 2012.
The purchase price is paid in full in cash and financed through existing financing facilities. The acquisition is subject to approval from Stockholm County Council and is expected to close in Q3 2013.
Jon Sigurðsson, President & CEO:
"We are excited to partner with TeamOlmed and its employees. TeamOlmed's expertise and commitment in providing excellent patient care is very complimentary to Össur. This acquisition is an important milestone for Össur, strengthening our position in an increasingly consolidated Swedish market."
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About Össur
Össur (NASDAQ OMX: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of braces, supports, prosthetic limbs and compression therapy. A recognized "Technology Pioneer", Össur invests significantly in research and product development; its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business solutions. Headquartered in Iceland, Össur has major operations in the Americas, Europe and Asia, with additional distributors worldwide. www.ossur.com (http://www.ossur.com/)
Forward-Looking Statements
This press release includes "forward-looking statements" which involve risks and uncertainties that could cause actual results to differ materially from results expressed or implied by these statements. Össur hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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Source: Ossur Hf via Thomson Reuters ONE
