ClearCorrect acquired by Straumann Group for $150 million
Straumann Group's acquisition of ClearCorrect LLC gives the Swiss company a foothold in the rapidly expanding dental clear aligner market. The union will be finalized over the next year.
ClearCorrect LLC (Round Rock, Texas, USA), a leading manufacturer of clear aligners, has been acquired by Straumann Group (Basel, Switzerland; SIX:STMN) for a total consideration of approximately $150 million.
Over the past decade, ClearCorrect established itself as a leader in clear aligner manufacturing. As a privately held company, ClearCorrect serviced doctors in North America, Europe, Israel, Australia, and New Zealand.
Straumann’s acquisition of ClearCorrect is a notable development in the growing clear aligner market. It comes as part of a new initiative by Straumann to enter the orthodontic market and leverage the power of digital technology to deliver total orthodontic solutions.
“ClearCorrect provides us with technology, expertise and a strong footing in this field," said Straumann Group CEO Marco Gadola. "In return, we offer a global distribution and marketing network, in addition to brand leverage. With some big changes expected in the clear aligner industry, our union with ClearCorrect has come together at exactly the right time. I am delighted that ClearCorrect’s entrepreneurial leadership team will stay with the company and partner with us in supporting customer and patient needs and in growing the business.”
“We’re excited to be a part of Straumann," said ClearCorrect CEO Jarrett Pumphrey. "We’re proud of how far we’ve come on our own and now, with the support of a recognized innovator with decades of industry experience, ClearCorrect has the resources to improve and expand the way we’ve always wanted to without compromising our values.”
ClearCorrect will continue to design and manufacture clear aligners in Round Rock, Texas, under the ClearCorrect brand name. The partnership between ClearCorrect and Straumann will be finalized over the coming month.
Source: ClearCorrect press release 17 August 2017
Editor's note: This release first appeared in the Apex360 e-newsletter. Apex360 is a DentistryIQ partner publication for dental practitioners and members of the dental industry. Its goal is to provide timely dental information and present it in meaningful context, empowering those in the dental space to make better business decisions. Subscribe to the Apex360 e-newsletter here.