Ottobock, Duderstadt, Germany, has acquired the bebionic prosthetic product line and related business from Steeper Group, Leeds, England. After a transition period, distribution of the bebionic products will be controlled exclusively by Ottobock starting on May 1.
“With this expansion, we are continuing on our path of innovation as a technological leader,” said Hans Georg Näder, president of Ottobock HealthCare.
The acquisition of the bebionic business line by Ottobock was part of a management buyout agreement of Steeper. Two members of Steeper’s existing executive board of directors, Paul Steeper, CEO, and John Midgley, finance director, acquired the business from the U.K. mid-market private equity firm Dunedin. For many years, Steeper has been owned by private equity firms, and by Dunedin since 2005.
Steeper Group was founded in the 1920s by Steeper’s late grandfather, Hugh, to provide prosthetic limbs to World War I veterans. Steeper and Midgley have 40 years of combined experience at the company. The company is in the process of relocating its existing Leeds site to a new, center of excellence in the area, and has plans for international growth.
“We have enjoyed our time with Dunedin and greatly appreciate the support we have received,” Steeper said. “We are now looking forward to the future as we seek to further strengthen our existing positive relationships with customers, our distributors, and our suppliers, and continuing to provide the best products and services to the industry.”