ZimVie entered into a definitive agreement to sell its spine business to H.I.G. Capital, a global alternative investment firm. H.I.G. Capital will acquire ZimVie’s spine, motion preservation and EBI bone healing technologies.
The transaction is expected to close in 1H24, subject to the satisfaction or waiver of certain closing conditions, including receipt of required regulatory approvals.
ZimVie intends to utilize the after-tax proceeds to reduce debt. The deal is expected to be accretive to ZimVie’s revenue growth rate, EBITDA margin, and cash flow conversion rate by allowing the company to streamline operations and sharpen its focus as a well-positioned, pure-play dental company in higher-growth end markets.
Under agreement terms, upon the closing of the transaction, ZimVie will receive $375 million in total consideration ($315 million in cash, subject to adjustments as set forth in the agreement, and $60 million in a promissory note that will accrue interest at a rate of 10% per annum, compounded semi-annually, payable in kind).
“We are pleased to reach an agreement with H.I.G. Capital for the strategic sale of our core spine, motion preservation, and EBI Bone Healing portfolio and services. Our spine business possesses an innovative portfolio, and is well positioned to continue to improve under this new ownership. Similarly, this transaction provides the capital to fund go-forward growth for dental’s commercial and innovation platforms while reducing ZimVie’s leverage profile,” said Vafa Jamali, President and CEO. “This transaction is intended to create a leaner, more focused ZimVie with a leading position in attractive and growing global dental markets.”
ZimVie entered into a definitive agreement to sell its spine business to H.I.G. Capital, a global alternative investment firm. H.I.G. Capital will acquire ZimVie’s spine, motion preservation and EBI bone healing technologies.
The transaction is expected to close in 1H24, subject to the satisfaction or waiver of certain closing conditions,...
ZimVie entered into a definitive agreement to sell its spine business to H.I.G. Capital, a global alternative investment firm. H.I.G. Capital will acquire ZimVie’s spine, motion preservation and EBI bone healing technologies.
The transaction is expected to close in 1H24, subject to the satisfaction or waiver of certain closing conditions, including receipt of required regulatory approvals.
ZimVie intends to utilize the after-tax proceeds to reduce debt. The deal is expected to be accretive to ZimVie’s revenue growth rate, EBITDA margin, and cash flow conversion rate by allowing the company to streamline operations and sharpen its focus as a well-positioned, pure-play dental company in higher-growth end markets.
Under agreement terms, upon the closing of the transaction, ZimVie will receive $375 million in total consideration ($315 million in cash, subject to adjustments as set forth in the agreement, and $60 million in a promissory note that will accrue interest at a rate of 10% per annum, compounded semi-annually, payable in kind).
“We are pleased to reach an agreement with H.I.G. Capital for the strategic sale of our core spine, motion preservation, and EBI Bone Healing portfolio and services. Our spine business possesses an innovative portfolio, and is well positioned to continue to improve under this new ownership. Similarly, this transaction provides the capital to fund go-forward growth for dental’s commercial and innovation platforms while reducing ZimVie’s leverage profile,” said Vafa Jamali, President and CEO. “This transaction is intended to create a leaner, more focused ZimVie with a leading position in attractive and growing global dental markets.”
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