I wrote this article to better understand how our orthopedic Orphans ended up in such a no-man's-land, why they cannot go IPO right now, and what the future might bring.
There are six major PE-owned properties in our industry now.
VB Spine (Viscogliosi Brothers)
Highridge Medical (H.I.G. Capital)
Advita Ortho fka: Exactech (SVP / Stellex / Greywolf)
Tecomet (Charlesbank & Nordic Capital)
EXALTA Group - Montagu Platform / Tyber + Intech + Resolve (Montagu Private Equity)
Zavation + Choice Spine (Gemspring Capital)
If DePuy-Synthes goes the PE route in 2027 , they will be Ophan number seven.
Overview of the Six Orphans
Company
Sponsor
Business Type
Core Focus
The Exit Path
VB Spine
Viscogliosi Brothers
Carve-out
Pure-play spine implants (ex-Stryker/K2M implant line)
Sale to strategic or larger PE fund
Highridge Medical
H.I.G. Capital
Carve-out
Specialized spine & fusion (ex-ZimVie/Zimmer)
Strategic acquisition or extended PE hold
Advita Ortho fka: Exactech
SVP / Stellex / Greywolf
Distressed Take-Private
Large joints & extremities
Clean sale post-litigation turnaround
Tecomet
Charlesbank & Nordic Capital
CDMO Platform
High-precision ortho contract m...
