Acquisition of advanced elbow prosthesis to drive UK and US growth for Steeper Group
Steeper Group, the Leeds-based prosthetics, orthotics and assistive technology manufacturer, has completed its acquisition of the Espire Elbow prostheses from US-based College Park Industries.
Following the announcement of intent and Federal Trade Commission approval of the acquisition of College Park Industries by Össur, the three parties agreed to delay finalisation of the Espire deal due to the COVID-19 pandemic.
Now, with the world slowly returning to some semblance of normality, the parties have completed the transaction which will see the Espire range join Steeper’s portfolio.
The Espire Elbow range is designed to reflect the anatomical shape and function of the elbow and offers a choice between five models, including the Espire Pro which has just been awarded the Red Dot Award: Product Design 2020.
Providing users with unprecedented levels of intuitive control of the elbow joint, the prosthesis enables everyday activities such as lifting and carrying bags to be done with ease, says the company.
Paul Steeper, CEO of Steeper Group, commented: “We are thrilled to be able to add the Espire Elbow range to our upper limb product portfolio. This deal has been in discussion for almost a year and the COVID-19 pandemic has proved a huge hurdle, however the time is right to seize the opportunity to grow our business.”
The British manufacturer will now look to use the range to help it bolster global growth and is now planning to increase its teams in both the UK and the USA to provide additional manufacturing and technical support for the Espire range.
“We will be growing our teams both in the UK and at SteeperUSA to continue the success seen by College Park with the Espire range, and most importantly serve the customers and patients who have reached their turning point thanks to the Espire Elbow,” added Paul Steeper.
A transition period of six months is now in place, where College Park Industries will share their design and manufacture knowledge with their counterparts at Steeper Group.https://thiis.co.uk/acquisition-of-advanced-elbow-prosthetics-to-drive-uk-and-us-growth-for-steeper-group/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/06/Espire_Elbow.jpg?fit=900%2C600&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/06/Espire_Elbow.jpg?resize=150%2C150&ssl=1Mergers & AcquisitionsNewsroomSupplier NewsTrade NewsCollege Park Industries,coronavirus,COVID-19,Espire Elbow prostheses,Össur,Paul Steeper,Red Dot Award,SteeperUSASteeper Group, the Leeds-based prosthetics, orthotics and assistive technology manufacturer, has completed its acquisition of the Espire Elbow prostheses from US-based College Park Industries.Following the announcement of intent and Federal Trade Commission approval of the acquisition of College Park Industries by Össur, the three parties agreed to delay finalisation...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine