Santa Clarita-based orthopedic implant developer TriMed Inc. has been acquired by Melville, New York-based Henry Schein Inc.
The deal, first announced in December, was finalized earlier this month. Financial terms of the transaction were not disclosed.
Privately held TriMed, which was founded by brothers David and Robert Medoff in 1997, makes orthopedic implants that can be used as alternatives to traditional plates and screws to repair injuries to limb extremities, specifically foot and ankle and hand and wrist injuries. The company reported revenue of about $52 million last year and has about 100 employees.
Henry Schein is a publicly traded distributor of medical and dental supplies including vaccines, pharmaceuticals, equipment and financial services for medical providers – generally outside of a hospital setting. The company operates primarily as a distributor network with 25,000 employees worldwide and revenue last year of $12.3 billion.
Under terms of the deal, TriMed’s facility in Santa Clarita will remain and the Medoff brothers will continue to run that operation, which will be part of Henry Schein. David Medoff, who had been chief executive of TriMed, now has the title of chief commercial officer.
“Through our new partnership with Henry Schein, we look forward to working together to identify new opportunities to provide quality care to patients,” David Medoff said.
“TriMed provides unique treatment options for challenging indications and injuries. Henry Schein will help to accelerate our growth and increase our reach within the medical community,” he added.
For Henry Schein, the acquisition will supply its medical provider customers – especially in ambulatory surgery centers – with a wider range of surgical options for patients with injuries to limb extremities.
“With this new partnership, Henry Schein is reinforcing our commitment to meeting the evolving needs of our customers in the orthopedic market and providing health care professionals with the tools needed to deliver outstanding care to patients,” Stanley Bergman, the company’s chief executive, said in the acquisition completion announcement.
“By leveraging TriMed’s established presence and reputation, together we will expand our product offering and provide comprehensive orthopedic solutions to our customers,” he added.
Shares of Henry Schein rose 2% on Dec. 21, the day after the acquisition of TriMed was first announced. The stock showed little movement around April 4, the date the deal’s completion was announced.