HUNTERSVILLE,Orthofix, moving to strengthen its position in the orthopedic surgery marketplace, has agreed to acquire BREG, Inc. in a deal worth $150 million in cash and Orthofix stock.
BREG, which is based in Vista, CA, is privately held.
Wachovia Securities provided financing for the deal, according to Orthofix.
Orthofix develops minimally invasive surgical and non-surgical products for the spine, reconstruction, and trauma market sectors. Its marketing, investor relations and research services groups are based in Huntersville.
“This acquisition is but the first step in our strategy to fortify and expand our franchises in the three key sectors in orthopedics: spine, reconstruction, and trauma,” said Charles Federico, chief executive officer of Orthofix.
The combined companies will generate $292 million in revenue in 2004, he added.
As part of the deal, Brad Mason, CEO of BREG, will remain with the combined venture.