Össur, Reykjavik, Iceland, has signed an agreement to acquire College Park Industries, Warren, MI, a global provider of lower- and upper-limb prostheses and supporting services. College Park has over 140 employees and shows 2018 total sales of $22 million.
College Park will largely remain independent and continue to serve its customer base, while allowing the combined entity to achieve strategic efficiencies. Össur is committed to growing the College Park brand over the coming years both in the US and international markets. Together, both companies will be well-positioned to enhance their offerings in both lower- and upper-limb prostheses. With this acquisition, Össur hopes to support College Park’s focus on the lower active population and further strengthen its established presence in the upper-limb arena. Mutual access to technology and products will enable a more comprehensive product and service offering to customers.
The transaction will be financed through existing loan facilities and does not affect the existing share buyback program. Closing is expected later in 2019 subject to closing conditions and regulatory review. The acquisition will not have an impact on the financial guidance provided for the full year.