Biomet is planning to put itself back on the public market after a 7-year run under private equity ownership, the orthopedics giant said today.
A group of private PE players including the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and TPG acquired Biomet for $11.4 billion in 2007, placing medtech veteran Jeffrey Binder at the helm.
Warsaw, Ind.-based Biomet said it hasn’t determined the price or number of shares it plans to offer. BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Citigroup, Wells Fargo Securities, Barclays and Morgan Stanley are acting as joint book-runners managers for the offering, the company said.
"Biomet expects to use the net proceeds of the offering primarily to reduce outstanding indebtedness," according to a press release.
Biomet, which closed its buyout of Lanx Inc. late last year, reported a swing to black ink during its fiscal 2nd quarter. Profits were $4.9 million, on sales of $825.7 million, for the 3 months ended Nov. 30, 2013 – for top-line growth of 4.5% and a reversal of the $66.2 million loss reported during the same period in 2012.
Early last month the company agreed to settle more than 1,000 product liability lawsuits filed over its M2A Magnum hip implants.