Patterson Medical has signed a definitive agreement to acquire Performance Health, a leading manufacturer and supplier of consumer branded health, wellness, and self-care products. The Performance Health brands include Active Ankle, Biofreeze, TheraBand, Cramer, Bon Vital, TheraPearl, Hygenic, and Perform. Performance Health’s combination of offerings have helped practitioners and clients relieve pain, accelerate recovery, grow stronger, improve performance, and enhance quality of life for nearly 100 years. Patterson Medical is a leading distributor of rehabilitation, sports medicine, and assistive patient products, headquartered in Warrenville, Illinois.
This highly complementary combination is expected to create a market-leading, multi-channel branded supplier to global rehabilitation, recovery, and sports medicine customers. Through a broader supply and distribution platform, enhanced capabilities, and expanded offerings, over time the two companies expect to produce numerous benefits for customers, employees, and suppliers. Patterson Medical, backed by majority shareholder Madison Dearborn Partners (MDP), is acquiring Performance Health from Gridiron Capital (Gridiron).
With increased scale and complementary capabilities, Patterson Medical and Performance Health together will offer the broadest set of rehabilitation, recovery, and sports medicine products globally, including many leading brands. Combined, the company will have an expansive supplier, distributor, and retail network and these relationships will remain critical to the new company’s success. The combined company will be headquartered in Warrenville, Illinois. Performance Health will operate as a business segment of Patterson Medical and maintain its existing name and presence in Akron, Ohio.
“Joining with Patterson Medical offers Performance Health and all of our core constituents the best opportunity for continued success and growth,” said Marshall Dahneke, Chief Executive Officer of Performance Health. “We have had an outstanding partnership with Gridiron and look forward to the same with Patterson Medical and MDP … With our strong cultural alignment and existing working relationship, I am confident that together we will be better positioned to work closely with our customers and suppliers to deliver the very best rehabilitation, recovery, and sports medicine products and services to individuals in need worldwide.”
Mike Orscheln will serve as chief executive officer of the new company, with Dahneke becoming president of the Performance Health segment. The transaction, subject to customary closing conditions, is expected to be completed in the summer of 2016. Financial terms were not disclosed.
For more information, visit www.pattersonmedical.com and www.performancehealth.com.