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Water Street completes investment in RTI Biologics

Water Street Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has completed an investment in RTI Biologics. 

 
Headquartered in Alachua, Florida, RTI specialises in orthopaedic and other biologic implants. 
 
Water Street has invested a USD50m private placement of convertible preferred equity to support RTI with acquiring Pioneer Surgical Technology. The acquisition transforms RTI into one of the world’s leading providers of surgical implants.
 
As part of the transaction, RTI has appointed two representatives from Water Street to serve on its board of directors. Curt Selquist, an operating partner with more than 35 years of health care experience, will serve as a director. Prior to Water Street, Selquist was company group chairman of Johnson & Johnson Medical and Johnson & Johnson Healthcare Systems. Joining Selquist on the board is Ned Villers, a partner with Water Street who has invested in companies specialising in medical products and healthcare services since 1999.
 
"We are excited to partner with Water Street to complete this acquisition, and to add Curt and Ned’s expertise to our board," says Brian K Hutchison, president and chief executive officer, RTI. "The Pioneer acquisition puts RTI in a much stronger position to capitalise on future opportunities in orthopaedics and biologics. Water Street’s extensive knowledge and network of relationships in the medical products sector will benefit our organisation as we further advance our long-term strategic plan."
 
The Pioneer acquisition expands RTI’s portfolio of natural biologic implants to metal and synthetic devices. It also extends RTI’s direct distribution network to 47 countries and enhances its international footprint. With the addition of Pioneer’s business, RTI employs approximately 1,100 people and operates facilities in Germany, The Netherlands and the US. Together, the companies offer a comprehensive range of surgical implants for use in orthopaedic, spine, trauma and cardiothoracic procedures. The new name of the company is RTI Surgical Inc.
 
"Our team is pleased to have played a role in bringing RTI and Pioneer together to create a market leader in the growing field of biosurgery," says Selquist. "We look forward to contributing our years of experience operating and growing health care businesses to help the board evaluate and pursue strategies that will maximise RTI’s newly expanded products and capabilities."

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