Pharos Capital Group, LLC announced that it is exiting its stake in portfolio company Pioneer Surgical Technology, Inc. Pharos Capital a private equity agency based in Nashville and Dallas. Michigan-based Pioneer Surgical is a manufacturer and distributor of metal and synthetic implant products for the medical market.
Pharos initial investment in Pioneer Surgical was back in 2006.Pharos, at that time, led a consortium of investors in a Preferred Equity private placement worth at least US$30.5 million. In 2008, Pharos joined a follow-on Series B investment worth about US$17 million. The capital for the investments were acquired from firm's Pharos Capital Partners II fund.
"We are pleased that Pharos's support helped the company develop new products, fund its global expansion, and produce a robust portfolio of granted and pending patents. We are proud of Pioneer's impressive development into a world-class innovative surgical solutions provider, and are delighted to offer our investors a successful realization from this prime investment," a Pharos Partner, Joel Goldberg, explained.
Pharos' exit is part of a deal that includes Pioneer Surgical's acquisition by RTI Biologics Inc. for around US$130 million.
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