Orthopedics Firm Biomet Readies For Act II as Public Company

Posted in Orthopedics by Arundhati Parmar on March 7, 2014

Biomet, the orthopedics company that was taken private back in 2007 by a consortium of private equity firms, is ready to go public again.  

Warsaw, Indiana firm Biomet is getting ready for its second act as a public company.

The orthopedics company announced Monday that its parent company LVA Acquisitions filed a registration statement for a $100 million initial public offering of Biomet stock. Consequently, LVA Acquisitions will be changing its name to Biomet Group.

The shares will be listed under the BMET ticker, but no exchange was specified. In a news release, Biomet clarified that number of shares to be offered and the price range for the proposed offering have not yet been determined. The money will be used to pay down debts Biomet owes.

IPO tracking firm Renaissance IPO declared that the $100 million figure is simply a placeholder and that the money raised in the IPO will be significantly higher - it projected an IPO haul of $1 billion. In fiscal 2013, which ended May 31, Biomet had revenue of $3.05 billion, up from $2.84 billion in fiscal 2012.

When Biomet goes public it will be its second time as a public company.

Back in 2007, the orthopedics company announced that it was being taken private by a consortium that comprised the Blackstone Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts & Co. L.P. and TPG Capital, in a deal worth $10.9 billion.

If projections by Bloomberg Industries pan out, which estimate an IPO raise of more than $2.5 billion as a result of Biomet going public again, it will be the largest medical device public offerings in 20 years.

 -- By Arundhati Parmar, Senior Editor, MD+DI


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