GLAS Appointed Agent on FH ORTHO Transaction

FH ORTHO Successfully Completes EUR 18 million of New Financing

Group FH ORTHO, a medical device company specialised in Joint Reconstruction, successfully refinanced its Mezzanine Debt and a considerable part of its Bank Debts.

This was achieved through a global loan of EUR 18 million subscribed by the American Private fund MUZINICH & CO, established in 2009 and by SCOR IP. LBO France, invested in 2014 in FH ORTHO Share Capital via its fund HEXAGONE III, together with co-investors, remains the Group majority holder. GLAS acted as Agent on the transaction.

In 4 years, from 2014 to 2018, FH ORTHO had a revenue growth of 40%, now reaching EUR 43 million, the major part of this growth coming from its International business which grew by 140%


Created in 1964, Group FH ORTHO specialises in orthopaedics, with a strong foothold in France, a worldwide network of distributors and 3 subsidiaries in the USA, UK and Poland. The Company has a broad range of product offerings in 3 areas: LARGE JOINTS (Hips and Knees), EXTREMITES & SPORT SURGERY (Shoulder, Foot and Ligament repair) and SPINE (Lumbar and Cervical disks).

FH ORTHO received several FDA approvals in 2017 as well as the beginning of 2018 for its foot and shoulder ranges. The target of this financing is to bring the Group additional capital to accelerate its growth in the USA and consolidate its position as a worldwide competitor in the shoulder market.

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