Olivier Jallabert
CEO and founder

Founded in Valence (France) by Olivier Jallabert in 1997, Amplitude Surgical designs, manufactures, and markets a complete range of high quality hip and knee prostheses. Over the years, Olivier has assembled a team of highly-seasoned executives to build a differentiated business model. This model combines reliance on outsourcing and tight control over strategic competencies (R&D, quality control).


Sector: Healthcare Investment date: 2011 Apax position: Majority Activity: MidMarket
Why did we invest?

Amplitude Surgical has achieved uninterrupted market share increase in its domestic markets. The company benefits from a highly profitable, flexible, and differentiated business model combining the outsourcing of low value-added competencies (manufacturing, distribution) with tight control over strategic ones (design, innovation, quality control). Its exclusive agents provide superior service to surgeons.

The company operates in a structurally attractive healthcare market with favourable and sustainable fundamentals (ageing population, increasing health risk factors like obesity and sedentarity), an increasing awareness and acceptance of implant solutions and continuous prosthesis improvement.

How do we intend to create value?

The investment thesis consists in growing Amplitude Surgical’s market share in France, with a plan to expand internationally and diversify its product range.


For financial year ending on 30 June 2016, the first year as a listed company, Amplitude Surgical continued to implement an active strategy to pursue its strong sales growth, underpinned by substantial human, industrial and surgical equipment investments. Sales exceeding €80 million while maintaining a high level of EBITDA margin are key indicators of its achievement. The confirmation of the success of the new products and the anticipated developments on major markets, driven by motivated and performing teams, will contribute to pursue the company’s growth and to conquer additional market shares.

The FDA approval delivered in January 2017 provides Amplitude Surgical access to the US market, worth over 4 billion dollars. It will enable the US subsidiary to launch its commercial activity.

The company has also been investing in the development of recently-launched subsidiaries, notably Romania, South Africa and Japan.

In Brazil, the company acquired the remaining 40% minority interests in Amplitude Latam and now totally controls its distribution subsidiary. This transaction should enable the company to continue the particularly buoyant growth it has been recording in that country, and thus to carry on benefiting from the considerable potential of this market, which already accounts for almost 10% of the Group’s sales.

Amplitude Surgical completed in July 2016 the acquisition of the 40% remaining minority stake in its Brazilian subsidiary. This deal gives full access to the fast-growing high-end Brazilian market.

In the context of fast revenue growth Amplitude Surgical also completed the acquisition of Sofab, one of its strategic suppliers, to secure and optimise part of its product procurements.

The company has been focusing on promising projects and developed in-house innovative instrumentation for surgeons, including patient specific instruments such as a 3D-printed cutting guide. The company is also progressing on the development of the pin-less navigation (transforming solution with limited invasion) which will help surgeons optimise the surgery outcome.



Amplitude demonstrated robust growth in the first half of its financial year ending June 30, 2016. Sales were up 13% on the same period in 2015. Exports performed very well up 26% over the first half of 2016, driven by strong results from its Australian and Brazilian subsidiaries and ongoing organic growth in selected European countries. In June 2015, the company was listed on the regulated market of Euronext Paris. On this occasion, the company raised €50m that will enable it, in particular, to continue its international expansion.

Over the last 12 months, the Australian and Brazilian subsidiaries pursued their accelerated growth. Amplitude Surgical successfully launched operations in the USA in the fast-growing Extremities segment through the development of the Foot & Ankle subsidiary. Amplitude Surgical is also opening subsidiaries in selected geographies, notably South Africa.


  • New subsidiary launched in the fast growing extremities market (foot and ankle), created with industry veterans, fruit of two years of research and development.
  • Products were successfully registered in the US, where Amplitude commenced sales through a white-label distribution agreement.