Biomet Planning IPOPosted: Updated:
The parent company of Warsaw-based Biomet Inc. is seeking approval for an initial public offering. In a filing with the U.S. Securities and Exchange Commission, LVB Acquisition Inc. says it plans to change its name to Biomet Group Inc. and use proceeds to pay down debt. You can read the SEC filing by clicking here.
March 7, 2014
WARSAW, Ind. - Biomet, Inc. today announced that its parent company, LVB Acquisition, Inc., has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. In connection with the offering, LVB Acquisition, Inc. intends to change its name to Biomet Group, Inc.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan, Citigroup, Wells Fargo Securities, Barclays and Morgan Stanley are acting as the joint book-running managers for the offering.
Biomet expects to use the net proceeds of the offering primarily to reduce outstanding indebtedness.
Biomet, Inc. and its subsidiaries design, manufacture and market surgical and non-surgical products used primarily by orthopedic surgeons and other musculoskeletal medical specialists. Biomet's product portfolio includes hip and knee reconstructive products; sports medicine, extremities and trauma products; spine, bone healing and microfixation products; dental reconstructive products; and cement, biologics and other products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries.
Source: Biomet Inc.