Update 12/4/17: An amended merger agreement has increased the value of this transaction to $737MM, an increase of $112MM from the $625MM originally stated at the time of the announcement.
Exactech (EXAC) entered into a definitive merger agreement under which TPG Capital will acquire all outstanding shares of EXAC common stock. The transaction values EXAC at $737MM.
Upon close of the transaction, which is expected in 1Q18, EXAC will be a privately-held company headquartered in Gainesville, Florida.
Exactech was founded in 1985 by Bill Petty, an orthopaedic surgeon; his wife Betty, and biomedical engineer Gary Miller, Ph.D. EXAC employs a staff of 700, including sales reps, and distributes in 35+ countries. It went public in 1997.
For 2015, the company reported revenue of US $241.8MM, +1% vs. 2014, and for 2016, revenue grew 6.5% to $257.6MM. In 1Q17, EXAC divested spine product assets to ChoiceSpine and announced restructuring charges related to ex-U.S. operations. The transaction allowed EXAC to focus on joint reconstruction in hip, knee and extremities, including shoulder and ankle. At 1H17, the company reported revenue at $136.8MM, +4.1% vs. 1H16. Excluding the impact of divested spine products, 1H17 growth would be 7%.
TPG Capital partially owned Biomet before Biomet was purchased by Zimmer. Jeff Binder, former President and CEO of Biomet, is a TPG Senior Advisor. “The basis of our investment thesis is that there are outstanding opportunities for nimble, innovative and responsive companies to invest in growth and compete with the larger competitors in the orthopaedic industry,” said Mr. Binder.
Update 12/4/17: An amended merger agreement has increased the value of this transaction to $737MM, an increase of $112MM from the $625MM originally stated at the time of the announcement.
Exactech (EXAC) entered into a definitive merger agreement under which TPG Capital will acquire all outstanding shares of EXAC common stock. The...
Update 12/4/17: An amended merger agreement has increased the value of this transaction to $737MM, an increase of $112MM from the $625MM originally stated at the time of the announcement.
Exactech (EXAC) entered into a definitive merger agreement under which TPG Capital will acquire all outstanding shares of EXAC common stock. The transaction values EXAC at $737MM.
Upon close of the transaction, which is expected in 1Q18, EXAC will be a privately-held company headquartered in Gainesville, Florida.
Exactech was founded in 1985 by Bill Petty, an orthopaedic surgeon; his wife Betty, and biomedical engineer Gary Miller, Ph.D. EXAC employs a staff of 700, including sales reps, and distributes in 35+ countries. It went public in 1997.
For 2015, the company reported revenue of US $241.8MM, +1% vs. 2014, and for 2016, revenue grew 6.5% to $257.6MM. In 1Q17, EXAC divested spine product assets to ChoiceSpine and announced restructuring charges related to ex-U.S. operations. The transaction allowed EXAC to focus on joint reconstruction in hip, knee and extremities, including shoulder and ankle. At 1H17, the company reported revenue at $136.8MM, +4.1% vs. 1H16. Excluding the impact of divested spine products, 1H17 growth would be 7%.
TPG Capital partially owned Biomet before Biomet was purchased by Zimmer. Jeff Binder, former President and CEO of Biomet, is a TPG Senior Advisor. “The basis of our investment thesis is that there are outstanding opportunities for nimble, innovative and responsive companies to invest in growth and compete with the larger competitors in the orthopaedic industry,” said Mr. Binder.
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