Enovis is excited to announce a definitive agreement to acquire LimaCorporate S.p.A., a privately held global orthopedic leader focused on restoring motion through digital innovation and customized hardware.

LimaCorporate will bring a complementary product portfolio and customer base to Enovis’ Reconstructive (Recon) segment that rapidly reshapes the Company’s surgical sales mix to accelerate growth and expand margins. As a leader in 3D printing, Lima will strengthen Enovis’ innovation pipeline and capabilities while its operations will provide Enovis scale and efficiencies.

Approximately 1000 employees with about 70% located in Italy.

The acquisition is targeted for completion in early 2024 and is conditioned on the receipt of applicable regulatory approvals and other customary closing conditions.

Until this transaction is complete, it’s business as usual for most employees. The most important thing to do now is stay focused on running our business, serving our customers, and executing our current strategy. We have a clear transition plan and look forward to working together to combine our great strengths. This acquisition is targeted for completion by early 2024, subject to the receipt of applicable regulatory approvals and other customary closing conditions.

We will provide frequent updates and will work together to shape the future of Enovis.

Enovis expects to fund the transaction with cash and the issuance of Enovis shares.

Cultural alignment comes in two forms — country culture and company culture — and our integration plan will consider both. From an overall perspective, we will begin by introducing the Enovis purpose, values, and behaviors and communicate frequently.

We intend to combine LimaCorporate international and Mathys into a powerful International Surgical business, Enovis International Surgical. LimaCorporate U.S. employees will combine with U.S. Enovis Surgical to further expand this high-growth business.

By combining Lima and Mathys into Enovis International Surgical, a powerful International business, the combined organization will have the best of both legacy organizations, gaining market share and access to the best products across both portfolios.  With Lima’s complementary surgical solutions and customers, we will have the opportunity to grow our profitable reconstructive portfolio and further expand our global presence.

Benjamin (Beni) Reinmann will lead the International Surgical business.  Andrew Fox-Smith will lead International.

As announced, Beni Reinmann from Enovis will lead the combined International Surgical business, but this will not impact your day-to-day contacts within Enovis.  There are no immediate changes to the leadership or management teams. As we continue to make progress on the integration and get closer to closing, we will keep you informed of any changes.

M&A is foundational to our growth strategy and we have extensive experience with integration. This integration will be managed through a centralized, multi-disciplinary team and we expect to close the transaction by early 2024 subject to the receipt of applicable regulatory approvals and other customary closing conditions.

Our objective is to ensure there is no meaningful change to the quality and cost of your current benefits.

 For LimaCorporate employee in the U.S., benefits programs and pay cycles in the U.S. will be consolidated into the existing Enovis programs as of January 2024 assuming we are past the close date. Employee data will be managed in Workday, Enovis’ global HR management system

In countries outside the U.S., benefits will be consolidated to one program/ scheme within each country.  The effective date of the changes will vary based on current contracts.  Employee records, approval processes, hire requisitions, performance and pay management will migrated to Workday. 

For the majority of employees, we anticipate no change to your responsibilities.

 As we build our new International Surgical business, we will review and refine the organizations to ensure we are positioned to deliver on our long-term goals and optimize our teams for growth and efficiency. We will share additional information as we progress and get closer to close.

For the vast majority of employees, there will be minimal change as we look for grow this important piece of the Enovis business.  However, we will be reviewing positions that are similar in terms of roles and responsibilities and evaluate these positions. We will review the go-forward organizations in the impacted areas and the announced leaders of those areas will work with HR to select the best go-forward team.  We expect to conduct this work with pace and will inform impacted employees in a timely manner. 

Yes, your employment is considered continuous and for vacation/ holiday and benefits your year of service will be counted. Service for Enovis-specific retirement plans starts at your date of employment with Enovis.

All Lima products are included in the acquisition. Key examples include:

• Extremities: SMR System, Discovery, TEMA Elbow,
• Knee: Physica system, Physica ZUK, AMF TT Cones
• Hip: DELTA Cup Family, Multiple Femoral, Stem Solutions
• ProMade: Custom made implants through 3D printing

 Taking care of our customers and our new customers continues to be our top priority.  After closing, over time, market demand will ultimately determine our combined product strategy.  At this time, there are no immediate plans to discontinue any Lima or Enovis products.  Keep the focus on winning.

Until completion of the acquisition, it is business as usual. For those in sales, please see your sales leader for specific talking points. For those outside of sales, you are encouraged to let people know that you are excited to embark on this med tech growth journey that will drive further innovation, strengthen our operational and manufacturing capabilities, enhance our R&D platform, and expand our global presence.

Our path forward continues to be focused on building a high-value medical technology growth company focused on improving patient outcomes, driving growth through innovation, leveraging our Enovis Growth Excellence (EGX) business system for continuous improvement, incorporating the best M&A opportunities, and developing talent.

We have a clear transition plan and look forward to working together to combine our great strengths. This acquisition is targeted for completion by early 2024, subject to the receipt of applicable regulatory approvals and other customary closing conditions.

We will provide frequent updates and will work together to shape the future of Enovis.

In the near term, there will be no change as to how the Mathys and LimaCorporate supply chains operate. After closing, and over time, the intent is to optimize and leverage the best of both supply chains to create efficiencies across Enovis.

For now, all active projects should continue. As we integrate, we will review the projects that are currently in motion at both organizations and make thoughtful decisions about which projects continue, which projects are integrated, and/or which projects are discontinued.