Duderstadt, Germany-based Ottobock HealthCare GmbH has acquired Irvine, CA-based Freedom Innovations from its previous owner, private equity company Health Evolution Partners. The two parties signed a confidential purchase agreement on September 22.
Ottobock has taken over all company operations, but Freedom Innovations will keep its brand, according to a release from the German company.
Dave Reissfelder, who has headed the Ottobock subsidiary BionX in Boston, MA, was appointed as the new Freedom Innovation CEO.
“Together, Ottobock and Freedom Innovations—the number one and the number three [prosthetic companies] on the American market—will benefit from their combined sales power and portfolios,” says Hans Georg Näder, president of Ottobock HealthCare GmbH.
“Users will benefit from an even broader spectrum of innovative systems in prosthetics and a full pipeline of new products. And our growth strategy will be bolstered by a great brand that will also further strengthen our presence in North America.”