Olivier Jallabert
CEO and founder

Leading French player on the global surgical technology market for lower-limb orthopedics.


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.


Over the 2017-18 financial year to June 30, 2018, Amplitude Surgical continued to implement its strategy targeting high-potential countries, particularly the United States, and recorded further significant growth in activity. Sales exceeded €100m, up +7.5% in actual terms and +8.2% likefor-like (constant currency and scope). Despite the negative currency effect and the increase in the workforce, the Group’s EBITDA grew by +17% to €18.1m, giving a +140 bp improvement in the margin to 18%.

Amplitude Surgical distributes its products in more than 30 counties and continues the development of its international network.

The FDA approval delivered in January 2017 opens the company to the highly attractive US market.

In February 2017, the company settled the case pertaining to the acquisition of the remaining minority interests in Australia via a transactional agreement with Austofix, a minority shareholder in its Amplitude Australia Pty subsidiary.

In July 2016, the company finalized the acquisition of the remaining minority interests (40%) in its Brazilian subsidiary, Amplitude Latam.

Amplitude Surgical acquired a 50% stake in SOFAB Orthopédie, a longstanding strategic industrial subcontractor.

The company also signed Memoranda of Understanding with a view to acquiring two companies responsible for the direct management of key French regions, in the east of the country and the Paris region, thus intensifying its commercial presence on the domestic market.

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 optimize the surgery outcome.