Last year's M&A darling, Biomet files for an IPO

Biomet, a maker of medical devices based in Warsaw, IN, has reportedly filed with U.S. regulators for an IPO nominally valued at $100 million.

Reuters reported the IPO filing, which comes 7 years after the maker of orthopedics was taken private in an $11.4 billion leveraged buyout deal. Goldman Sachs Group, Blackstone Group, KKR & Co. and TPG Capital own 97% of Biomet, according to the report. As of Nov. 30, Biomet still carried $5.9 billion in debt, following that transaction, according to The Wall Street Journal.

The Journal reported in February (sub. req.) that Biomet was talking to bankers about raising up to $1 billion in an IPO. The $100 million figure reported by Reuters and others is a placeholder used to calculate registration fees. The eventual IPO fundraise is likely to be more.

Last year, Biomet was the subject of M&A takeover rumors, with some speculating the company would pursue an IPO as possible leverage in buyout talks. 

Biomet also briefly considered spinning off its dental unit. Then it appeared to head in the opposite direction, diversifying with the October acquisition of Colorado spinal startup Lanx for $150 million.

By January, talk of divestiture appeared to have cooled. The maker of dental implants and hip and knee replacements reported its second-quarter earnings: $4.9 million in profit on $825.7 million in sales--a 4.5% boost to its top line over the year-ago period.

BofA Merrill Lynch, Goldman Sachs and J.P. Morgan are lead underwriters on Biomet's offering, according to Reuters.

- here's the IPO filing
- read the Reuters report
- here's WSJ's take (sub. req.)
- read Biomet's press release

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