Bacterin to Purchase the Outstanding Common Stock of X-spine Systems, Inc., Creating Xtant Medical (press release)
Bacterin website X-Spine website see all M&A in Orthopedics
Bacterin to Acquire X-spine Systems for $86M
Bacterin International entered into an definitive agreement to acquire X-spine Systems, Inc., a manufacturer for surgical spinal procedure devices, for an approximate enterprise value of $85.9 million, or 2.0x 2014 revenues of $42.2 million, or 11.7x 2014 EBITDA of $7.3 million.
Under the terms of the agreement, the total consideration Bacterin will pay for the outstanding capital stock of X-spine is comprised of $60 million in cash and the issuance of 4.24 million shares of Bacterin common stock at an issue price of $4.00 a share. Additionally, concurrent with the deal's closing, the combined company will change its name to Xtant Medical Holdings.
The transaction positions Xtant as a comprehensive supplier for spine surgery procedures that offers both hardware and biologics with pro forma revenues and EBITDA for 2014 of approximately $77.5 million and $3.9 million respectively. X-spine offers numerous products for the treatment of spi...
