Patterson Medical acquires Performance Health

WARRENVILLE - Patterson Medical, a distributor of rehabilitation, sports medicine and assistive patient products, said it will acquire Akron, Ohio-based Performance Health, a manufacturer and supplier of consumer branded health, wellness and self-care products.

Terms of the acquisition were not announced.

The combined company will be headquartered in Warrenville, while Performance Health will operate as a business segment of Patterson Medical and maintain its existing name and presence in Akron.

The combination is expected to create a multichannel branded supplier to global rehabilitation, recovery and sports medicine customers, Patterson officials said in a release. Patterson Medical is backed by majority shareholder Madison Dearborn Partners of Chicago; Performance Health is owned by investment group Gridiron Capital.

"Patterson Medical and Performance Health are natural partners, and we look forward to realizing the significant potential our combination presents to our customers, employees and entire supply chain," said Mike Orscheln, Patterson Medical CEO. "We have worked closely with Performance Health over the last several years and share similar values and a focus on partnership, innovation and integrity. Their market-leading brands, strong retail channel relationships and manufacturing capabilities are highly complementary to Patterson Medical's strengths in distribution, clinical sales and customer service.

"We will ensure that our manufacturing and distribution capabilities continue to operate independently so that we continue to pursue a multichannel strategy and offer the broadest array of top-quality products to our customers and growth opportunities to our important supplier relationships," Orscheln added.

Orscheln will serve as CEO of the new company, with Performance Health CEO Marshall Dahneke becoming president of the Performance Health segment.

"Joining with Patterson Medical offers Performance Health and all of our core constituents the best opportunity for continued success and growth," said Dahneke, "We have had an outstanding partnership with Gridiron and look forward to the same with Patterson Medical and MDP."

The transaction, subject to customary closing conditions, is expected to be completed in the summer of this year.