Financial Advisor
RTI Surgical Inc.
M&A Advisory
Has Divested Its Cardiothoracic Closure Business To
Transaction Details
- On August 3, 2017, RTI Surgical Inc. (NASDAQ: RTIX) announced that it has divested its cardiothoracic closure business to A&E Medical, a portfolio company of Vance Street Capital LLC, for up to $60 million consisting of $54 million in cash at close plus an additional $6 million in contingent cash consideration
- The cardiothoracic closure business was one of several components of Pioneer Surgical Technology, which RTI acquired in July of 2013
- Sales proceeds will pay down a portion of the Company’s debt and support strategic investments as RTI extends its credit facilities
- Stephens Inc. served as exclusive financial advisor to RTI Surgical, Inc.
About the company
RTI Surgical, Inc.
RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Florida and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed.
A&E Medical Corporation
Founded in 1968 and headquartered in Farmingdale, New Jersey, A&E Medical is a leading designer and manufacturer of the DoubleWire high strength sternum closure system along with a wide variety of MYO/Wire™ temporary cardiac pacing wires and extension leads, MYO/Wire™ II stainless steel sutures, MYO/Punch surgical punches, electrosurgical instruments, and neurosurgical scalp clips.
Vance Street Capital
Vance Street Capital is a Los Angeles-based private equity firm which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio.
Sources: Company websites and publicly available information.
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