Riverside Co. Buys Orliman SL

Riverside Co. has acquired Orliman SL, the Spanish manufacturer of orthopedic braces and supports. The company had revenues of approximately €14 million in 2010. Orliman joins Riverside’s current European healthcare portfolio, which includes The Summit Medical Group, Crioestaminal and Diatron Group.

Valencia, Spain – January 26th 2011 – The Riverside Company has acquired Orliman SL (Orliman), a Spanish manufacturer and distributor of non-invasive orthopaedic braces and supports. The global orthopaedic device market is valued at €16.1 billion.
Orliman, founded in 1980 and headquartered in Valencia, is makes and distributes devices that support patients’ lower limbs and torsos. All Orliman products are traded under its proprietary brand names and bear IBV certification. Orliman recorded sales of approximately €14 million in 2010.
Having completed more than 250 acquisitions since 1988, Riverside is a well-established generalist investor. However, the firm has developed specialties in select industries. With over 50 acquisitions to date, healthcare represents Riverside’s most active specialisation. In Europe, Riverside has a strong healthcare portfolio, with companies that offer products or services centred on patient preference, improving quality of care, or taking cost out of the healthcare system. Orliman joins Riverside’s current European healthcare portfolio, which includes The Summit Medical Group, Crioestaminal and Diatron Group.
Riverside’s international reach opens new markets and sourcing opportunities for Orliman. The firm’s global operating expertise allows its portfolio companies to access markets and manufacturers they are too small to reach independently. Specifically, Riverside’s Asian resources include a team dedicated to helping companies buy, sell and manufacture in Asia.
“Riverside has had previous success in the U.S. orthopaedic market with FLA Orthopaedics, which under Riverside’s ownership increased revenue and EBITDA by 166% and 330%, respectively. We will leverage this knowledge and experience and apply it to Orliman to strategically grow the company. The global orthopaedic product market is highly fragmented and there are further opportunities to acquire companies that provide complementary products or broaden Orliman’s geographic presence,” said Marcos Llado, Riverside Partner in Madrid.
“Orliman’s future challenges include the professionalization of the company, the reinforcement of new product development activities and the strong increase of Orliman presence in international markets. Riverside’s global presence, its valuable network of industry contacts and its specific knowledge about the healthcare industry and the orthopaedic sector in particular, makes it the ideal partner to support us in this new stage of development of the company,” said Ignacio Mansergas, founder and reinvesting shareholder of Orliman.
The Riverside team responsible for the transaction included Partner Marcos Llado, Vice President Dominik Heer and Senior Associate Rafael Álvarez-Novoa. Director of Origination Juan Barnechea-Aldatz sourced the deal. Orliman represents Riverside’s fourth acquisition of 2011.
“Orliman is the absolute leader in its market. It is very well positioned in the specialised retail channel in Spain, with over 1,600 retailers directly served,”, said Barnechea-Aldatz. “We believe that new product introduction has been a key factor in Orliman’s success in the past, and with several new products currently in the pipeline, we foresee significant growth for the company in the coming years.”
The Riverside Company (http://www.riversideeurope.com or http://www.riversidecompany.com)
The Riverside Company is a global private equity firm that acquires growing enterprises valued at up to $200 million (€200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in over 250 transactions with a total enterprise value of more than $5.8 billion/€4.7 billion. The firm’s portfolio in North America, Europe and the Asia Pacific region includes 74 companies with roughly 13,000 employees. Riverside completes acquisitions smoothly thanks to $3.2 billion/€2.4 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.
Headquartered in Valencia and employing 84 staff, Orliman SL is the leading Spanish manufacturer and distributor of proprietary branded non-invasive orthopaedic braces and supports used in the prevention of injury, in the treatment of chronic conditions, and for recovery after surgery or injury. Founded in 1980, the company has developed proprietary technology, applying therapeutic criteria in all phases of product design and production. In May 2009, Orliman established a new 8,400m2 state-of-the art production and warehousing facility where it centralises all of its operations, thereby optimising its production and logistics capacity. Orliman sells its products through its own sales force in Spain and through exclusive distributors in some 30 export markets, which include France (Orliman France), Portugal, Switzerland, Austria, Czech Republic, Morocco, Mexico, and the U.S., among others. For additional information please visit www.orliman.com