DJO Global buys Dr. Comfort for $254M
SAN DIEGO – DJO Global announced today that it has signed a definitive agreement to purchase Dr. Comfort, for $254.6 million in cash.
Company officials expect the transaction to close in the next 30 to 45 days.
DJO Global describes the diabetes care market for podiatry practices, orthotic and prosthetic centers, home medical equipment providers and independent pharmacies as “rapidly growing.” It noted in a release that for the year ended Dec. 31, 2010, Dr. Comfort generated net sales of $71.8 million, a 22.5% increase compared to the same period in 2009.
Overall, DJO estimates the U.S. diabetic footwear supply market at an estimated $150 million to $200 million for 2010, with plenty of room to grow. It estimates that of the more than 11 million diabetics who would benefit from therapeutic footwear due to peripheral neuropathy and poor circulation, less than 8% presently receive them.
Eric Lorenz, president of Dr. Comfort; his management team; and employee teams will join DJO Global.
DJO Global is a provider of medical device solutions for musculoskeletal health, vascular health and pain management. It also owns Chattanooga Group, a manufacturer of rehabilitation equipment like continuous passive motion machines.