Warsaw, Indiana-based OrthoPediatrics Corp., a pediatric orthopedics company, has announced its acquisition of Vilex in Tennessee, Inc. and Orthex, LLC, together known as Vilex. The acquisition includes the Orthex Hexapod circular fixation technology and proprietary CORA-based X-ray planning software.
OrthoPediatrics paid $60 million, consisting of $50 million in cash and $10 million in stock. The transaction will be partially financed by $30 million of new debt provided by Squadron Capital LLC.
Vilex, founded in 1996, is a private company and Tennessee-based manufacturer of precision engineered extremity solutions, specializing in internal and external fixation devices for foot and ankle, pediatrics, deformity correction, and reconstructive surgery. Vilex is primarily a foot and ankle surgery company with a product portfolio targeting pediatric patients and adults that generated $11.8 million in total sales in 2018. Its sales are derived primarily from the United States. It netted approximately $2.9 million of net income in full year 2018.
Sales of Vilex’s Orthex Hexapod Circular Fixation Technology were $3.1 million in 2018. It is Vilex’s fastest growing system, increasing more than 50% year-over-year since FDA clearance in March 2016. This Orthex hexapod technology is used to treat pediatric congenital deformities and limb length discrepancies such as fibula and tibia hemimelia, radial clubhand, ankle equinus, Blount’s disease, genu recurvatum, and multiapical deformities.
The Orthex Hexapod system is unique. It offers easily calibrated struts and an infection-reducing hydroxy-apatite coated pins. Its key advantage is the patented point and click software, which dramatically simplifies deformity correction planning.
The Orthex Hexapod software was developed by Abraham Lavi, Ph.D., founder of Vilex, and Dror Paley, M.D., F.R.C.S.C., founder of the Paley Institute of West Palm Beach, Florida. Dr. Paley helped pioneer the use of the Ilizarov method in the United States and has performed more than 17,000 limb-lengthening and reconstruction procedures. He also developed more than 100 new surgical procedures. He is also the author of Principles of Deformity Correction.
Vilex sells 13 families of surgical products for such pediatric conditions as flatfoot reconstruction, subtalar arthroereisis, and arthrodesis procedures of small bones.
Vilex sells its products throughout the United States and internationally in Colombia, Mexico, Brazil, Canada, and Israel. Vilex products are sold to orthopedic and podiatric surgeons, although the new Orthex technologies are primarily used by pediatric orthopedic specialists.
Founded in 2006, OrthoPediatrics is focused exclusively on providing a comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions.
OrthoPediatrics currently markets 26 surgical systems that serve three of the largest categories within the pediatric orthopedic market. These systems span trauma and deformity correction, scoliosis, and sports medicine/other procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and the company distributes its products in the United States and 41 international countries.
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