The Riverside Company has sold its ownership stake in Orliman to Iberian private equity firm Magnum Capital.
Orliman is a Spanish manufacturer and distributor of non-invasive orthopaedic devices. The company’s products are used in the prevention of injury, treatment of chronic conditions and for recovery after surgery or injury.
Based in Valencia Spain, Orliman manufactures a broad portfolio of devices for the upper limb, torso and lower limb including both standard as well as made-to-measure products.
After investing in Orliman in 2010, Riverside expanded the company considerably through both organic growth and integration of add-on acquisition. These efforts helped to extend Orliman’s leadership position in its market and accelerated the company’s transformation into the leading player within Southern Europe.
During Riverside’s hold period, Orliman’s sales by more than 50 per cent and EBITDA nearly doubled. Among other improvements, Riverside incorporated new senior leadership, further invested in new product development, and reinforced the export department by increasing the company’s presence in selected markets throughout the world. In 2014, Riverside completed the acquisition of French orthopaedic company Soft Medical Europe. Today, Orliman sells in more than 40 countries and 70 per cent of sales are generated outside of Spain.
“We’re very proud of the work we did at Orliman,” says Riverside Principal Rafael Álvarez-Novoa. “It went from a family-owned business to a growing international enterprise during our hold. Orliman has proven to be a very solid and stable business, with strong leadership position in its core markets and very promising exports business that grows above 15 per cent every year.”
Working with Álvarez-Novoa on the transaction for Riverside were Vice President Damien Gaudin and Operating Executive Juan Rufilanchas.
Montalban and KPMG advised Riverside on the transaction, and Garrigues acted as legal counsel for the firm.
