OSI raises $4.8 million in series a funding.
Orthopaedic Synergy, Inc. (OSI), a Raynham, Mass.-based provider of orthopedic devices, raised $4.8 million in Series A funding. Pioneer Capital Partners led the round and was joined by Birnie Capital Partners. Both firms are based in Auckland, New Zealand. OSI, which was formed through the merger of Omni Life Science, Inc. and Enztec, Ltd., has a goal to close the round with a total of $6 million by March.
Both Omni and Enztec (located in Raynham and Christchurch, New Zealand, respectively) now are wholly owned subsidiaries of OSI. OSI's leadership said they would continue to add other complementary businesses both in the United States and abroad under the OSI umbrella. The holding company was developed to ensure that the culture of each company would remain intact, as would its distinct corporate identity, according to OSI officials. The management of each company also remains intact.
"In the past, U.S. orthopedic companies acquired foreign companies in order to expand their global reach. Many acquisitions have not worked well because the acquiring company forced their corporate culture and products into the acquired entity," said Richard Nikolaev, chairman of OSI's board. "Often, the founders and management teams terminated their relationship and became competitors again. We will be looking to partner with innovative, fast-growing companies that share our vision and would also like to have access to the resources a larger organization can offer, without losing their identity in the process."
Omni develops joint replacement products that use modular concepts, allowing the orthopedic surgeon to reestablish normal joint kinematics in patients undergoing surgery to replace diseased and damaged hips, knees and shoulders. Enztec develops and manufactures orthopedic surgical instruments.
OSI will seek a public listing once worldwide financial markets have stabilized and "investor appetite returns for well-founded investments," Nik-laev said.