Enovis Completes Strategic Sale of Dr. Comfort for $60 Million
Enovis Corporation Finalizes Sale of Dr. Comfort Business
Wilmington, DE, (GLOBE NEWSWIRE) -- Enovis Corporation (NYSE: ENOV), a company known for its groundbreaking innovations in the medical technology sector, has recently completed a significant transaction. The Company sold its Dr. Comfort diabetic shoe business to Promus Equity Partners for proceeds that could total up to $60 million in cash. This deal includes an upfront payment of $45 million along with an additional $15 million contingent on achieving specific performance milestones.
Strategic Focus on Core Strengths
Damien McDonald, the CEO of Enovis, expressed optimism regarding this sale, noting that it is a step towards sharpening the Company’s focus on its core areas in Prevention & Recovery. He emphasized that this move is essential in streamlining Enovis’ portfolio, ultimately setting up a robust foundation for future growth. McDonald stated, “This divestiture, alongside existing initiatives, is aimed at improving margins, increasing profitability, and minimizing debt. These efforts further solidify our position as a dedicated innovator in the med-tech, striving to enhance the lives of patients.”
Appreciation for Dr. Comfort Team
In his remarks, McDonald acknowledged the commitment of the Dr. Comfort associates who have dedicated themselves to enhancing performance while maintaining a long-standing commitment to patient care. He believes that under Promus Equity Partners, Dr. Comfort is poised for success and growth. He noted, "This acquisition not only supports Dr. Comfort’s growth trajectory but also promises benefits for employees and ensures continued support for healthcare professionals and patients who depend on our products."
Promus Equity Partners' Excitement
Anders Rosenquist, a partner at Promus Equity Partners, also shared his enthusiasm about the acquisition. He expressed excitement about partnering with the Dr. Comfort team to improve the quality of life for individuals with diabetes and related foot conditions. "We’re looking forward to building on Dr. Comfort’s long-standing tradition of providing high-quality products and exceptional service to clinicians and patients,” he remarked, highlighting the firm's commitment to excellence in the footcare category.
Future Insights and Corporate Strategy
Enovis plans to offer further insights regarding this transaction during their upcoming third-quarter results call. This important event is scheduled for Thursday, with a focus on 8:30 AM. Investors interested in participating can access the live webcast through a link on the Enovis website or call in by dialing (888) 672-2415. The recording of the call will be available later that day on the company’s website.
About Promus Equity Partners
Promus Equity Partners is recognized as a respected multi-family asset management firm based in Chicago, managing around $2.7 billion across different sectors, including buyouts, real estate, and venture capital.
About Enovis
Enovis Corporation (NYSE: ENOV) stands out as a pioneering medical technology company devoted to enhancing patient outcomes through clinically differentiated innovation. With a steadfast culture of improvement, the company offers a diverse range of products, services, and technologies that cater to active lifestyles in orthopedics and beyond. Enovis pride itself on being a listed entity on the New York Stock Exchange, providing stakeholders access to valuable insights and innovative solutions. Explore more about Enovis and its offerings at www.enovis.com.
Availability of Information on the Enovis Website
Investors and interested parties should be informed that Enovis regularly discloses significant information through SEC filings, press announcements, public conference calls, and webcasts, all available on the Enovis Investor Relations page. While some of this information may not be categorized as material, the company advises all stakeholders to stay updated with the pertinent information released on ir.enovis.com.
Kyle Rose
Vice President, Investor Relations
Enovis Corporation
+1-917-734-7450
investorrelations@enovis.com
Frequently Asked Questions
What prompted Enovis to sell its Dr. Comfort business?
The decision to sell was part of Enovis' strategy to focus on its core strengths in healthcare, aiding in long-term growth and profitability.
How much did Enovis receive from the sale?
The sale could yield up to $60 million, which includes $45 million upfront and an additional $15 million based on future milestones.
Who is Promus Equity Partners?
Promus Equity Partners is a multi-family asset management firm that specializes in investments across various sectors, managing approximately $2.7 billion.
What can stakeholders expect from the upcoming conference call?
Enovis will provide further details regarding the transaction and its strategic direction during the third-quarter earnings call.
How does the sale impact Dr. Comfort’s future?
The acquisition is anticipated to create a conducive environment for Dr. Comfort to thrive while continuing to serve patients and healthcare partners effectively.
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