04.08.14
Privately held Biomet Inc. filed with the U.S. Security and Exchange Commission regulators to raise up to $100 million in an initial public offering (IPO) of its common shares as its private equity owners look to cash out.
Biomet was taken private for $11.4 billion in 2007 by a consortium of private equity groups (Goldman Sachs Group Inc., Blackstone Group LP, KKR & Co. LP and TPG Capital LP) which own 97.04 percent of the company.
The company’s sales exceeded $3 billion in the fiscal year ended May 31, 2013, up 8 percent from the previous year.
The company will list its shares under the symbol “BMET,” but officials did not say how many shares would be offered or on which exchange they would list. Biomet expects to use the net proceeds of the offering primarily to reduce outstanding debt.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
Biomet was founded in 1977 by Dane Miller. The Warsaw, Ind.-based company’s first IPO was in 1982. It makes products for hip and knee replacements, dental, bone healing, spine, sports medicine and traumas.
Biomet was taken private for $11.4 billion in 2007 by a consortium of private equity groups (Goldman Sachs Group Inc., Blackstone Group LP, KKR & Co. LP and TPG Capital LP) which own 97.04 percent of the company.
The company’s sales exceeded $3 billion in the fiscal year ended May 31, 2013, up 8 percent from the previous year.
The company will list its shares under the symbol “BMET,” but officials did not say how many shares would be offered or on which exchange they would list. Biomet expects to use the net proceeds of the offering primarily to reduce outstanding debt.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
Biomet was founded in 1977 by Dane Miller. The Warsaw, Ind.-based company’s first IPO was in 1982. It makes products for hip and knee replacements, dental, bone healing, spine, sports medicine and traumas.