Gimv hands €30m to medical device company Spineart

811

spine_bone_lrgEuropean private equity firm Gimv has backed medical device company Spineart with a €30m growth equity investment.

Founded in 1995, Spineart said it is focused on simplifying spinal surgery by designing, developing and promoting solutions to surgeons, operating room teams and patients.

Over the past five years, the business claims to have grown by 16 per cent on a yearly basis to reach a worldwide turnover of €34m in 2015.

Peter Byloos, partner in Gimv’s health & care team, said, “Spine surgery is an attractive global market offering plenty of room for challengers such as Spineart. Next to its broad product portfolio and recognized European brand, the company differentiates itself by a strong focus on product innovation and full R&D pipeline.

“We look forward to share our expertise in the field of building companies and international operations with Spineart’s experienced and committed leadership team.”

The investment will be used to reinforce the company’s sales organisation and processes, for expand into new markets, and for the development of innovative and disruptive products.

After EndoStim, G-Therapeutics, and Topas Therapeutics, Spineart represents Gimv’s fourth investment of it’s health & care platform since the beginning of the year.

Earlier this year, Gimv purchased a 32 per cent stake in Belgian logistics service provider Contraload.

Copyright © 2016 AltAssets

Get the latest PE News & Research delivered to your inbox every morning