Irvine-based Aspen Medical Products LLC, a manufacturer of spinal bracing products, named Jim Cloar chief executive last month.
Cloar joins Aspen Medical from German-based medical device maker Zimmer Biomet, where he was president of its spinal unit, which generated nearly $750 million in annual sales in 2019.
“To say that I’m excited to join a smaller company is an understatement,” Cloar, who plans to relocate to OC in the near future, told the Business Journal. “We’re going to set goals, objectives and act. It’s like flying an airplane with a joystick versus a Boeing 737, which requires plug-in coordinates.”
Cloar joins Aspen Medical about a year after New York-based Cortec Group acquired a majority stake in the business for an undisclosed amount. Cortec invests in companies with $40 million to $300 million in revenue and $7 million to $35 million in EBITDA, according to its website.
Cloar said he was attracted to Aspen Medical because of its “reputation as a great place for innovation.”
Moving forward, he plans to increase the company’s headcount about 10% to 15% next year, get its “product engine moving faster” and “push commercialization globally.” It has about 125 employees in OC now, and 350 companywide.
Market Leader
Aspen Medical, founded in 1993, makes neck collars and back braces that provide support and stability to athletes and elderly patients dealing with pre- and post-operative challenges.
The company was founded by Dan Williamson, formerly chief executive, who remains on Aspen Medical’s board.
Williamson also serves on the board of Los Angeles-based Tattooed Chef Inc., a plant-based food maker that went public earlier this year and sports a $1 billion market capitalization.
Aspen Medical, which manufacturers some of its goods at its Irvine facility, claims it is the U.S. leader in the spinal bracing category with a market share north of 35%.
Meanwhile, international sales spanning Europe, Asia, Africa and Latin America are booming, Cloar said.
“Our international business is growing rapidly, meaning we’ll see double-digit growth easily next year.”
Plans to Buy
In February, Aspen Medical acquired United Kingdom-based Promedics Orthopaedic Ltd., a manufacturer of ankle, knee and wrist bracing products, among others.
The company will continue to grow through “multiple acquisitions” that will be “predicated on unique and differentiated technology that brings value to our constituents and geographic expansion,” Cloar said.
Aspen Medical is also counting on growth through its collaboration with clinicians and product innovation.
Cloar said he will create a clinical advisory board, which will build on Aspen Medical’s history of listening to medicine and science.
The company said it will seek to expand its product line through items that are made for particular parts of the body, as well as products that provide pain management benefits.
