Venerable LimaCorporate Purchased by Enovis

One of the oldest and most important global orthopedic companies, LimaCorporate, which was founded in 1945, in the devastating aftermath of World War II, in Anduins, Italy—a small town of barely 300 people in the foothills of the Apennine Mountains in northern Italy—to manufacture desperately needed medical instruments, is being acquired by Maryland-based Enovis Corporation for €800 million, consisting of a €700 million cash payment at closing and €100 million in shares of Enovis common stock ($840 million). 

The word “LIMA” stands for Lualdi Industrie Meccaniche Anduins

LimaCorporate is now based in Milan, roughly 240 miles east of Anduin, and has grown to be a $300 million a year company. Over the decades since World War II, LimaCorporate has played an outsized role in orthopedic innovations—notably the first use of titanium in implants, inventing trabecular titanium and, in 2018, putting the first hospital-based implant production facility in place using customized software and 3D printing.

Maryland-based Enovis is buying Lima with “combination of cash on hand, availability under its existing revolving credit facility and committed financing from UBS Investment Bank and J.P. Morgan Securities LLC.”

According to Enovis, “Lima is expected to generate sales of $290-$300 million and $70-$75 million of adjusted EBITDA in 2024.” Management also added that they expect to complete the transaction in early 2024, “subject to the receipt of applicable regulatory approvals and customary closing conditions.” The anticipated acquisition does not change Enovis’ previously announced 2023 full-year guidance.

The addition of Lima, Enovis told investors, will allow the company to establish an approximately “$1 billion revenue reconstruction business with approximately 50% of revenues in the fast-growing extremities markets.” The acquisition will also provide Enovis with international expansion, quality manufacturing facilities, and the addition of a “complementary portfolio of proven surgical solutions and technologies, including 3D printed Trabecular Titanium and a comprehensive revision offering.”

LimaCorporate Chief Executive Officer Massimo Calafiore said, “Combining these two leading orthopedic businesses into one global platform creates an exciting opportunity to build on the strengths of both Enovis and Lima in developing patient-tailored devices and orthopedic products.”

Calafiore continued, “I look forward to working with the Enovis team to create even greater opportunities for growth and continued success.”