Exactech announced today that it received court confirmation of its restructuring plan and approval of the sale of its assets.
Approval enables the company’s new ownership group — including Strategic Value Partners, Stellex Capital Management and Greywolf Capital Management — can now acquire substantially all of Exactech’s operations and assets.
Gainesville, Florida-based Exactech began the asset sale process last October as it entered a court-supervised Chapter 11 bankruptcy restructuring process. The restructuring included an $85 million financing commitment to maintain operations during the process. This allowed Exactech to continue its orthopedic device operations and partnerships with surgeons.
In March, the ownership group put forward a winning bid to substantially acquire all of Exactech’s operations and assets. The company appointed Aurelio Sahagun as CEO in August to lead the new company.
With the latest approval, Exactech said it can move past the restructuring process. It expects to complete the customary closing steps for the sale over the coming weeks.
Once it completes the transaction, the new company can look to execute its mission to become the leading surgeon partner in orthopedics. Its proven product lines include the Equinoxe Shoulder, Vantage Ankle, Alteon and Spartan Hip, Truliant, Triverse and Newton Knee and GPS navigation technologies. These all transfer to the new company, alongside engineering and manufacturing expertise.
“We are excited to work together to focus on the new company’s quality imperative, its commitment to innovation, and its goal of being the most trusted partner to orthopedic surgeons,” said Clara Anderson, Strategic Value Partners managing Director. “Our team will continue to invest in the new company and accelerate opportunities to drive innovation and growth in order to give patients greater mobility and empower surgeons with the products, technologies and support they need to be successful.”
