New York-based Evome Medical Technologies Inc. has reached an agreement with EB Sports Corp., the parent company of Riddell Sports Group to sell Evome’s R&D business unit Simbex LLC for approximately $4.83 million in cash. The proceeds will be used to pay down Simbex debt and reduce Evome’s acquisition debt to the seller of its operating subsidiary Biodex Rehab Systems, strengthening the company’s balance sheet, as well as increasing focus on revenue and profit growth from its Biodex product line.
Founded in 1929 and headquartered in Des Plaines, Illinois, Riddell is a designer and developer of American football helmets, other player protection equipment and accessories, and more. Riddell claims to be the leading manufacturer of soccer helmets and shoulder pads and a leading provider of remanufacturing services (cleaning, repair, repainting and recertification of existing equipment).
Simbex, based in New Hampshire, is a leading product design and development company with over 20 years of experience in the sports, medical and healthcare technology industries. Simbex’s product portfolio and history of exceptional innovation will advance Riddell’s smart helmet and related technology roadmap. In particular, Simbex has already been a long-time key partner in the development of Riddell’s InSite impact response system and the recently launched InSite analytics platform, and the team will continue to support these technologies.
In addition to working more closely with Riddell on smart helmet technology, Simbex will continue its other consulting and development work in sports tech, med tech and health tech.
