Holland & Knight Advises RTI Surgical in $60 Million Sale of Cardiothoracic Unit
TAMPA, Fla. (August 7, 2017) – Holland & Knight advised RTI Surgical Inc. (Nasdaq: RTIX), a global surgical implant company, in the sale of its cardiothoracic closure business to A&E Advanced Closure Systems, LLC (A&E Medical). A&E Medical purchased the business for $54 million, plus an additional $6 million in contingent cash consideration.
As part of the transaction, RTI agreed to continue supporting the cardiothoracic business by manufacturing existing products and engineering, developing and manufacturing potential future products. RTI intends to use the proceeds from the sale to pay down a portion of its term loan as it extends the maturity of its existing credit facility through September 2019.
RTI is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. It is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. Headquartered in Farmingdale, N.J., A&E Medical is a leading cardiovascular medical device original equipment manufacturer (OEM) and a portfolio company of private equity firm Vance Street Capital LLC.
Holland & Knight Partner Bob Grammig led the legal team advising RTI in the deal.