Enovis Corporation is a medical technology company with a focus in

orthopedics Orthopedic surgery or orthopedics (American and British English spelling differences, alternative spelling orthopaedics) is the branch of surgery concerned with conditions involving the musculoskeletal system. Orthopedic surgeons use both surgic ...

. The company was founded by brothers Mitchell and

Steven Rales Steven M. Rales (born March 31, 1951) is an American businessman and film producer. He founded Danaher Corporation with his brother Mitchell Rales in 1984 and is its chairman. Rales also founded the film production company Indian Paintbrush in ...

as the Colfax Corporation in 1995. Enovis is headquartered in

Wilmington, Delaware Wilmington is the List of municipalities in Delaware, most populous city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish colonization of the Americas, Swedish settlement in North America. It lie ...

and is listed on the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

as ENOV. The company has over 5,000 employees operating at 12 sites around the world.

History

The company was founded in 1995 as the Colfax Corporation in

Richmond, Virginia Richmond ( ) is the List of capitals in the United States, capital city of the Commonwealth (U.S. state), U.S. commonwealth of Virginia. Incorporated in 1742, Richmond has been an independent city (United States), independent city since 1871. ...

, by brothers

Steven Stephen or Steven is an English first name. It is particularly significant to Christians, as it belonged to Saint Stephen ( ), an early disciple and deacon who, according to the Book of Acts, was stoned to death; he is widely regarded as the firs ...

and

Mitchell Rales Mitchell P. Rales (born August 1956) is an American businessman and art curator. He co-founded Danaher Corporation with his brother Steven Rales in 1984 and the art museum Glenstone with his wife Emily Wei in 2006. Rales is also the chairman of ...

. In August 1997, Colfax acquired approximately 93% of IMO's common stock through a public tender offer. At the time of the acquisition, IMO was a diversified industrial manufacturer, with $469.0 million in annual revenue and five business units: Boston Gear, IMO Pump, Morse Controls, Gems Sensors, and Roltra Morse. Simultaneously with the closing of the tender offer, IMO divested its Gems Sensors and Roltra Morse units to narrow the strategic focus to power transmission and fluid handling. In January 2012, Colfax completed the acquisition of

Charter International Charter International plc was a large British engineering business based in London. It was acquired by Colfax Corporation in January 2012. History Charter International's origins can be traced back to the British South Africa Company, which was ...

, successor to the

British South Africa Company The British South Africa Company (BSAC or BSACo) was chartered in 1889 following the amalgamation of Cecil Rhodes' Central Search Association and the London-based Exploring Company Ltd, which had originally competed to capitalize on the expecte ...

, and the parent company of

ESAB ESAB, ''Elektriska Svetsnings-Aktiebolaget'' (), is an American-Swedish industrial company. The ultimate parent company of ESAB is ESAB Corporation, a New York Stock Exchange listed (TickerESAB with its principal executive office in North Bethe ...

(welding and cutting) and

Howden Howden () is a market town and civil parishes in England, civil parish in the East Riding of Yorkshire, England. It lies in the Vale of York to the north of the M62 motorway, M62, on the A614 road about south-east of York and north of Goole, ...

(air and gas handling products), for $2.4 billion. More than 25 acquisitions were completed from 2012–2019 to build-out the three industrial businesses, fluid handling, fabrication technologies (ESAB), and air & gas handling (Howden). In December 2017, Colfax sold its original fluid handling platform to Circor International for cash and stock with a total estimated aggregate consideration of $860 million. In November 2018, Colfax expanded into the medical device space by acquiring

DJO Global DJO is an American medical device company headquartered in Lewisville, Texas, that produces a variety of orthopedic products for rehabilitation, pain management, and physical therapy. It has multiple divisions including Bracing & Supports, Surgic ...

from

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson, Peter Peterson and Stephen A. Schwarzman, Stephen Schwarzman, who h ...

for $3.15bn. In May 2019,

KPS Capital Partners KPS Capital Partners is an American investment company that manages KPS Special Situation Funds, a family of investment funds. KPS specifically invests out of two funds raised in October 2019: KPS Special Situations Fund V ($6.12 billion) and KPS ...

(KPS) announced that it has signed an agreement to acquire Howden Turbo from Colfax Corporation for $1.8bn. In March 2021, Colfax announced that it would spin off its

industrial business in a tax-efficient manner and pursue a focused medical technologies strategy. This spin-off was completed in April 2022, following which ESAB became an independent public company and Colfax was renamed Enovis. The spin-off was the final action taken to transform the portfolio of businesses from purely industrial to medical technologies. These actions included divesting the fluid handling and air and gas handling businesses in 2017 and 2019, respectively, and acquiring

in 2019. Additional acquisitions were made, and Colfax went public with an initial public offering in May 2008 as a fluid handling company. The headquarters were subsequently moved to Annapolis Junction, Maryland. In September 2023, Enovis announced that it had reached a definitive agreement to acquire the Villanova di

San Daniele del Friuli San Daniele del Friuli () is a (municipality) in the province of Udine, in the Italian region of Friuli-Venezia Giulia, located about northwest of Trieste and about northwest of Udine. San Daniele del Friuli borders these municipalities: Dign ...

-headquartered medical device company LimaCorporate for approximately €800 million. On January 3, 2024, it was reported that the purchase of LimaCorporate had been completed.

References

External links

* {{Authority control Companies listed on the New York Stock Exchange Howard County, Maryland Manufacturing companies based in Maryland Manufacturing companies established in 1995 1995 establishments in Maryland American companies established in 1995