RTI Biologics Acquires Pioneer Surgical Technology
Alachua, Fla.-based RTI Biologics Inc. will acquire Pioneer Surgical Technology, a Marquette, Mich.-based maker of metal and synthetic products for the orthopedics, biologics, spine, trauma and cardiothoracic markets. The acquisition of Pioneer supports RTI’s expansion of its current implant portfolio into metals and synthetics and to grow direct distribution. RTI makes sterile biological implants.
“The combination of RTI and Pioneer is an exciting opportunity for both companies and their employees,” said Brian K. Hutchison, RTI president and CEO. “This acquisition is strongly aligned with RTI’s long term strategic plan, accelerating new growth opportunities and gross margin expansion. Pioneer has built a strong distribution network for their implants, which will be beneficial when we launch our Map3 cellular allogeneic bone graft later this year. This acquisition will bring immediate scale, allowing us to reach our strategic goals and take advantage of growth opportunities more quickly than either company could do independently.”
“We believe the combination of Pioneer and RTI will be a catalyst for continued growth,” said Daniel Webber, Pioneer’s president and CEO. “The combined company will have a broad portfolio of complementary surgical implants benefiting patients, surgeons and hospitals, as well as advancing the positive momentum we have built at Pioneer. Additionally, RTI’s culture of innovation is a great fit with that of our own employees.”
Under the terms of the merger agreement, RTI will pay $130 million in cash to acquire all the outstanding stock of Pioneer.