RTI Biologics, a leading company in the business of biological and synthetic surgical implants, has completed its acquisition of Pioneer Surgical Technology, according to a press release.
The combined company name will be changed to RTI Surgical Inc., and the company plans to keep its headquarters located in Alachua while the company stock will still trade on the Nasdaq Global Market under the RTIX symbol.
The acquisition was funded, according to the company, by cash on hand, a five-year $80 million senior secured credit facility and a $50 million concurrent private placement of convertible preferred equity form Water Street Healthcare Partners.
In addition, RTI will add two Water Street representatives, Curt Selquist and Ned Villers, to the company’s board of directors.
The acquisition of Pioneer will allow RTI to expand its current implant portfolio into metals and synthetics and increase direct distribution, according to RTI CEO Brian K. Hutchison in the press release.