H.I.G. Capital acquires spine division of ZimVie to form Highridge Medical
In a significant move within the medical device industry, H.I.G. Capital, a leading global alternative investment firm boasting $60 billion in capital under management, has announced the completion of its acquisition of ZimVie, Inc’s (NYSE: ZIMV) Spine division. The division will now operate independently under the new name, Highridge Medical, and is poised to become a leader in the global spinal device market. This acquisition is noteworthy for its potential impact on the market, with the deal price being a key point of interest for industry watchers and stakeholders.
Highridge Medical, now headquartered in Westminster, CO, is recognized for its innovative contributions to spine care, boasting a comprehensive portfolio of products and solutions aimed at treating a wide array of spinal pathologies. With this strategic acquisition, Highridge Medical is set to leverage its market-leading portfolio of bone healing therapies, further cemented by the leadership of industry veterans Glen Kashuba as CEO and Rebecca Whitney as President. The company’s board will be strengthened by the addition of Eric Major, founder and former CEO of K2M Group Holdings, as Executive Chairman, and Chris O’Connell, former EVP & Group President at Medtronic and CEO of Waters Corporation.
The leadership team has expressed their enthusiasm for the future, highlighting the company’s commitment to spine care innovation, R&D investment, and expanding product offerings to improve patient outcomes worldwide. “We believe our partnership with H.I.G. will create the largest privately held spine business in the industry, generating lasting benefits for distributors, surgeons, and patients,” Glen Kashuba stated.
Mike Gallagher, Managing Director at H.I.G., emphasized the company’s solid foundation, market-leading product portfolio, strong surgeon satisfaction, and exceptional patient outcomes as key drivers for the partnership. “We are excited to partner with Glen, Rebecca, and Highridge’s exceptional management team to enhance the Company’s leadership position in the market,” Gallagher added.
This acquisition represents H.I.G.’s latest foray into the medical device sector, following successful investments in companies like Augmedics, Vertiflex, Neuwave Medical, and Intact Vascular. With a keen eye on the spine market, H.I.G.’s backing of Highridge Medical underscores its belief in the company’s unique position to drive significant growth through operational excellence, increased R&D investment, and strategic acquisitions.