Riverside in Australia healthcare deal

The Riverside Company has acquired Australia-based healthcare business Global Orthopaedic Technologies for an undisclosed amount as its latest Asia Pacific investment, according to a statement.

Financial details of the transaction were not disclosed, but Riverside partnered Andrew Fox-Smith and Duncan Lilley, Fox-Smith being a former group president at medical devices business Stryker Corporation, and has more than two decades of experience in the global orthopaedic market.

Fox-Smith will serve as chief executive, while Lilley, who has recently held senior positions at British Standards Institution and SAI Global, will serve as chief operating officer.

“Global has an enviable product portfolio and a history of innovation,” Riverside partner Simon Feiglin said in a statement. “They’re a growing company in an expanding market thanks to offering products and services that are valued by surgeons and relied upon by patients in Australia and increasingly around the world.”

Fox-Smith added, “By partnering with Riverside, we have an exciting opportunity to not only organically expand Global, but also look at value-added acquisitions that can accelerate our growth objectives. Global offers a comprehensive suite of products, has a demonstrated ability to develop and commercialize new products, and works closely with some of Australia’s leading orthopaedic surgeons. We intend to build on this success and open doors to new relationships and new opportunities to position the company for continued and long-term success.”

Riverside has made over 70 investments in the healthcare sector globally.

In May, the firm raised $235 million toward its second Asia-focused private equity fund, which focuses on mid-market buyouts in the region’s developed economies, specifically Australia and New Zealand, Korea, Japan, Singapore and Malaysia. The fund was originally targeting $150 million.

Fund II has already made two investments in Australia and New Zealand, namely education business Learning Seat and New Zealand-based healthcare firm Simcro, but also recently sealed a secondary exit in Australia.

In May, the firm realised its investment in Australian F&B chain operator Retail Zoo in a secondary sale to Bain Capital and company management, Private Equity International reported earlier. Financial details of the transaction were not disclosed, but Riverside said during its ownership, the company’s earnings grew by 150 percent.