France: Ardian and BNP Paribas take stake in Proteor

Alexis Saada

Private investment house Ardian and BNP Paribas Développement, the investment arm of BNP Paribas Group, have taken a stake in French external orthopaedics specialist Proteor.

“Proteor is a French flagship in external orthopaedics, which has been able to expand thanks to innovative solutions particularly adapted to patients’ needs,” said Alexis Saada and Frédéric Quéru for Ardian Growth.

Financial terms have not been disclosed.

A family business headquartered in Dijon, Burgundy, the company’s core business is in the manufacturing and distribution of orthopaedic devices, with the Group providing tailor-made equipment to meet the needs of patients. Proteor employs more than 900 people and generates more than 20% of its turnover abroad, with operations in France, Europe, the US, China and Japan.

The company is also active in the design, manufacturing and marketing of components and materials for prosthetics and orthotics. Proteor has sites in Seurre, France and a factory in Tempe, Arizona.

The group has focused on expansion in recent years. In 2016, it acquired Lecante, a network of orthopaedic centres in France, to extend its market coverage and acquire new software expertise for orthoprosthesists), and made its first acquisition in the US in 2018, Proteor acquired Ability Dynamics which enabled it to expand its product offering and strengthen its presence in the US market.

Ardian and BNP intend to accelerate the company’s international expansion, particularly in Europe and North America, specifically with the acquisition of Freedom Innovation in the US from Otto Bock Healthcare North America.

The company said that the transaction is in line with Proteor’s long-term strategy and will help strengthen its components and materials division, its production capacity and its technological know-how, particularly in microprocessor-controlled knees and new-generation ankle and foot prosthetics.