SAN DIEGO, Jan. 5, 2011 /PRNewswire/ — DJO
Incorporated (“DJO” or the “Company”), a global provider of medical
device solutions for musculoskeletal health, vascular health and
pain management, today announced the acquisition of Elastic
Therapy, Inc. (ETI). The acquisition closed yesterday, January 4,
Based in Asheboro, North Carolina, ETI is a designer and
manufacturer of private label medical compression therapy products
used to treat and prevent a wide range of venous disorders.
Products include anti-embolism stockings, sheer products,
surgical weight stockings and a variety of compression socks, all
across multiple compression levels. ETI’s high-quality
products and customer service have enabled the company to establish
longstanding relationships with customers that include many large
recognizable branded companies in the medical compression sector.
ETI’s products are distributed by its customers through a
variety of channels in both U.S. and international markets.
For the year ended December 31, 2010, ETI’s preliminary
unaudited net revenue was approximately $26 million. Financial
terms of the acquisition have not yet been disclosed; however, DJO
said it financed the acquisition with a draw on its available
revolving line-of-credit. On a pro forma basis, taking the
acquisition into consideration, DJO said it does not expect any
material change in its ratios of total debt or senior secured debt
to pro forma consolidated EBITDA.
“The acquisition of ETI is an excellent strategic fit for DJO
and our growing vascular franchise world wide,” said Les Cross,
president and chief executive officer. “We strengthened our
vascular franchise in 2010 with the launch of VenaFlow Elite, a new
product with proven technology that reduces the incidence of
hospital-based post-surgical Deep Vein Thrombosis (DVT) in
non-ambulatory patients. DVT is an enormous health threat,
and if not prevented, can deve