Orthofix International Completes Divestiture of Sports Medicine Business Unit
LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V. (NASDAQ:OFIX) (the Company) announced today
that it completed the divestiture of its Sports Medicine Business Unit,
Breg, Inc., to Water Street Healthcare Partners, a strategic private
equity firm focused exclusively on the health care industry. The
purchase price was $157.5 million less normal and customary working
capital adjustments and indebtedness. The Company applied $145.0 million
of after-tax net proceeds to the prepayment of outstanding Company
indebtedness, as required by the Company's existing credit agreement.
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative solutions to the spine and orthopedic markets. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation, the Orthopedic Research and Education Foundation,
and Texas Scottish Rite Hospital for Children. For more information
about Orthofix, please visit www.orthofix.com.
About Water Street:
This acquisition marks Water Street's most recent partnership with an
industry leader to expand its group of companies specializing in medical
products, distribution, health care services, and pharmaceutical
products and services. Water Street plans to invest its industry
expertise and resources to build Breg into a leading company
specializing in non-surgical orthopedic products. Breg is Water Street's
fifth company specializing in medical products and the firm's second
investment in the rehabilitation industry. Curt Selquist, an operating
partner with Water Street who previously served as the company group
chairman of Johnson & Johnson Medical, will serve as the lead director
Water Street is a strategic private equity firm focused exclusively on
health care. The firm has a strong record of building market-leading
companies across key growth sectors in health care. It has worked with
some of the world's leading health care companies on its investments.
Water Street's team is comprised of industry executives and private
equity professionals with decades of experience investing in and
operating global health care businesses. The firm is headquartered in
Chicago. For more information about Water Street, visit waterstreet.com.
Orthofix International N.V.
Mark Quick, 214-937-2924
of Investor Relations and Business Development
Street Healthcare Partners
Kelly Zitlow, 847-858-5230
President of Communications
Source: Orthofix International N.V.
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