Building a European MedTech leader in lower-limb orthopaedics through innovation
Overview
In November 2020, PAI completed the acquisition of Amplitude Surgical, a leading French MedTech company that develops high-end, orthopaedic products and solutions for primary lower-limb surgery aimed at treating hip and knee pathologies.
The company provides numerous value-added innovations to best meet the needs of patients, surgeons and healthcare facilities. It operates primarily in France, Australia and Brazil, and covers more than 30 further countries.
Supported by PAI, Amplitude Surgical’s financial performance saw significant growth, driven by new product development, international growth, investments in manufacturing capabilities and R&D. The sale of the business, to listed global strategic player Zydus, completed in July 2025.
A strategic partnership
PAI leveraged its Healthcare expertise, including previous due diligence on other orthopaedics targets and its extensive experience in MedTech, to monitor the company for years before an acquisition opportunity arose. The firm had previously capitalised on this attractive and growing niche through the successful transformations of Atos Medical and ELITech.
PAI then formed a partnership with Amplitude Surgical’s founder-CEO to navigate complex transactions parameters, including the company’s listed status as well as the uncertainty caused by the pandemic.
PAI’s decision to acquire Amplitude Surgical was based on its solid market positioning supported by positive long-term trends, its diversified product portfolio, strong financial profile and growth potential, and experienced management team.
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+11%
EBITDA Compound Annual Growth Rates
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c. €35m
of expansion capex
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+54,600
hip and knee prostheses sold in its last financial year
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#2
player in France for hip and knee prostheses
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Investing in R&D and innovation
During PAI’s ownership, Amplitude Surgical strengthened its position in a growth market, with particular emphasis on investment in R&D and innovation. This included the development of an innovative surgical robot to assist surgeons during orthopaedic procedures and the establishment of a new state-of-the-art factory in France, ensuring product quality and capacity for the foreseeable future.
With PAI’s support, Amplitude Surgical also focused on technology and services, such as assisted reality tools, as well as new product development, with a strong pipeline of patent candidates.Refocusing on the core
In June 2023, Amplitude Surgical successfully disposed of Novastep, a non-core subsidiary focusing on foot and ankle surgery solutions, to listed US strategic Enovis. This followed a period of strong growth and enabled the business to further focus on its core hip and knee segment.
In addition, Amplitude Surgical enhanced its commercial excellence and sales efficiency, notably with the acquisition of Ortho-Santé, a local sales agent in France, to strengthen internal sales capabilities and create immediate synergies.A strategic exit
Through this successful strategy, Amplitude Surgical built strategic value and emerged as a European MedTech leader in high-end, lower-limb orthopaedics. Following this transformation, the business was exited to listed strategic Zydus, a leading player in Indian pharmaceuticals that aims to leverage Amplitude Surgical as a platform to execute a global MedTech strategy.
