Elos Medtech AB is buying Onyx Medical Corp., a Memphis, Tenn.-based supplier of trauma and extremities products to orthopedics companies. Sweden-based Elos is a development and manufacturing partner for high-precision products and components used in medical technology, such as dental and orthopedic implants and instruments. In addition to Sweden, Elos also has operations in Denmark and China.

Value and structure of the deal were not disclosed.

The acquisition of Onyx is part of Elos’s strategy to focus entirely on the medical device industry while strengthening market positions in target growth segments within orthopedics such as trauma, spine and extremities. With a presence in Europe, Asia and the United States, the combined firm will be better positioned and have an increased ability to serve the global market. Onyx Medical employs 120 people at its facilities in Memphis and generated 2014 sales of $16 million.

The deal is expected to close this month, after which Onyx will continue its existing operations as a business unit within the Elos group and, according to Elos officials, “serve as a platform for expansion” within the United States.

 “Onyx is an excellent company which Elos has been following for several years. The company has high quality products, strong customer partnerships and a market leading position with significant growth potential,” said Johannes Lind-Widestam, president and CEO of Elos. “Onyx has a talented management team, a skilled employee base, modern equipment, automated manufacturing processes, and an expansion ready facility. Onyx, operating alongside our existing operations, will serve as the U.S. platform for long-term growth within the orthopedic trauma and spine markets and potentially for other segments where Elos holds a significant position. With this acquisition, Elos gains access to the North American orthopedic trauma and extremities markets which represent approximately 50 percent of the world market.”

”We could not have found a better strategic partner than Elos,” said Jodie Gilmore, CEO of Onyx. “Elos shares our vision to remain keenly focused within our target markets and core competencies.  As we grow our business in support of our customer partners, we are excited by the opportunities presented by becoming part of this dynamic, global organization”.

Further financial information regarding the acquisition will be provided in a first-quarter report from Elos on April 27.