RTI Biologics Inc. purchased the shares of private equity firm Pharos Capital Group, LLC in portfolio company Pioneer Surgical Inc. In a statement issued by Pharos, the company stated that the sale was valued at US $130 million.
Pharos, which first financed Pioneer in December 2006, led a pool of investors in raising US $ 30.5 million for a Preferred Equity private placement. It then led a series B financing in December 2008, which accumulated US $17 million. These investments were done through the company's Pharos Capital Partners II fund.
Pharos partner Joel Goldberg said that their company is pleased to have supported Pioneer in its bid to "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," Goldberg added.
Pioneer is a leading distributor and manufacturer of metal and synthetic implants for the biologics, orthopedics, trauma, spine and cardiothoracic markets.
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