Dynamic Healthcare M&A Database

Acquiring Party	ReAble Therapeutics, Inc. (formerly Encore Medical), a diversified rehabilitation and orthopedic device company and an affiliate of The Blackstone Group.
Transferring Party	DJO Incorporated (NYSE:DJO), a global provider of knee braces and other non-invasive orthopedic, musculoskeletal and vascular products.
Sector	Medical Devices
Date	November 20, 2007
Analysis Another billion dollar private equity deal. DJO and ReAble provide complementary products in orthopedic rehabilitation and pain management, and there are many synergies by way of sales channels. Deal value -- $1.5b, on sales of $445m (3.4x) and EBITDA of $100.8m (14.9x). Now that Blackstone is public, it needs to make fitted strategic acquisitions to add fundamental value.
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 4Q07