HUNTERSVILLE,Orthofix, a developer of orthopedic products, recently completed the acquisition of Breg, Inc., in a deal worth some $159 million.
Orthofix (Nasdaq: OFIX) financed the deal with stock plus $110 million in cash and debt. Wachovia Securities provided the financing and acted as financial advisor to Orthofix.
Charles Federico, chief executive officer of Orthofix, forecast that the combined company would generate $292 million in revenues this year with earnings per share at $2.60.
“Orthofix is now uniquely positioned within our industry: a big and expanding company with projected 2004 revenues approaching $300 million – yet a company with the capability of being able to quickly capture new opportunities. We are a very profitable company with broad product lines within three established franchises, some of which rely on state-of-the-art technology as a superior advantage, competing in growing markets in which Orthofix has robust distribution already in place,” Federico said in a statement. “In short, Orthofix now has much more in common with the industry’s major orthopedic companies.”