IBS Investment Bank, a private equity firm, acquired a minority membership interest in The Progressive Orthopaedic Company.
Progressive distributes low-cost stable orthopaedic technologies. Its portfolio presently includes total hip and total knee systems, with plans to add spine, trauma, orthobiologics and ancillary products.
Progressive received FDA 510(k) clearance on posterior-stabilized Progressive Total Knee in 1Q15, with clearance for a cruciate-retaining version in the following quarter. The total hip also received clearance in 1Q15.
Sources: IBS Investment Bank; ORTHOWORLD Inc.