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Enovis Corp. Acquires LimaCorporate for $846 Million


Enovis Corporation (“Enovis”) announced on September 25, 2023, that it has agreed to acquire LimaCorporate S.p.A (“LimaCorporate”).

Enovis is a medical device company specializing in orthopedics.  It offers a wide variety of orthopedic medical devices, including braces and other support apparatus, surgical equipment, diabetic footwear, bone growth stimulators, and other rehabilitation and pain management products.  Enovis also partners with medical providers to provide its expertise and customization in the provision of durable medical equipment.

LimaCorporate is a global orthopedics company headquartered in Italy and owned by EQT Private Equity.  LimaCorporate specializes in manufacturing implants used in shoulder, knee, elbow, and hip surgeries.  It also utilizes Trabecular Titanium in its implant technology, which can only be constructed using 3D printing.

The value of the acquisition totals €800 million ($844 million) in enterprise value.  The agreement provides that Enovis will provide €100 million in common Enovis stock within 18 months of the deal’s closing.  The remaining €700 million Enovis will provide through a combination of cash on hand, financing from outside banks, and funds from existing revolving credit lines. In addition to Enovis’ payment, LimaCorporate’s press release states that it sees the deal as enabling LimaCorporate’s goals to expand its market and increase its manufacturing capacity.

According to Enovis’ press release, Enovis expects LimaCorporate “to generate sales of $290-$300 million and $70-$75 million of adjusted EBITDA in 2024.”  Enovis also expects the acquisition to enable the flourishing of its more long-term goals, including “establishing a ~$1 billion revenue reconstruction business,”  “expanding international scale with a complementary global customer base and product mix,” “improving efficiency with state-of-the-art manufacturing facilities and a strong innovation engine,” and “creating robust cross-selling opportunities and approximately $40 million in cost synergies to be fully realized by year three after closing through supply chain optimization and cost consolidation.”

The deal is expected to close in early 2024, “subject to the receipt of applicable regulatory approvals and customary closing conditions.”


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Adam Copeland

Adam Copeland is an associate based in the firm's San Diego office.

Adam graduated cum laude from Washington University School of Law in St. Louis in 2022, and graduated summa cum laude with a B.S. in physics from Montana State University in 2019. While in law school, Adam primarily enjoyed engaging with first-year law students as a legal writing teaching assistant, helping them hone their skills in factual analysis and legal writing. Adam was also fortunate to have worked closely for two federal judges during law school: once as an intern for the Honorable Roseann A. Ketchmark in the Western District of Missouri, and once as an extern for the Honorable Nancy J. Rosenstengle in the Southern District of Illinois.

While serving as primary editor of the Washington University Global Studies Law Review, Adam received a Mary Collier Hitchcock prize for outstanding writing for his note regarding the problem of—and potential solutions to—frivolous lawsuits filed in the intellectual property field.

Adam joined the firm in 2022.

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