* Biomet was taken private for $11.4 bln in 2007
* Majority owned by Goldman Sachs, Blackstone, KKR and TPG
* BofA Merrill Lynch, Goldman Sachs, J.P. Morgan are lead
* Plans to list under the symbol "BMET"
March 7 U.S. medical devices maker Biomet Inc
filed with U.S. regulators on Friday to raise up to $100 million
in an initial public offering of its common shares as its
private equity owners look to cash out.
Biomet was taken private for $11.4 billion in 2007 by the
private equity arm of Goldman Sachs Group Inc, Blackstone
Group LP, KKR & Co LP and TPG Capital LP, who own
97.04 percent of the company.
The consortium had raised its offer after its original offer
of $10.9 billion was deemed too low.
Founded in 1977 and based in Warsaw, Indiana, Biomet
designs, manufactures and markets products that include dental
implants and artificial hip joints.
The company competes with Smith & Nephew Plc and Stryker
Biomet was bought out just before the financial crisis hit,
pulling the markets down. The crisis hurt the medical device
industry as patients delayed surgery and joint replacements.
The company is one of the few large companies that were
taken over by private equity firms during the buyout boom but
have not gone public yet.
Other large private equity-owned companies that have gone
public in the past 12 months include hotel chain Hilton
Worldwide Holdings Inc, oil and gas company Antero
Resources Corp and industrials supply company HD Supply
Biomet's sales topped $3 billion in the fiscal year ended
May 31, 2013, up 8 percent from the previous year. The company
had debt of about $5.9 billion debt as of Nov. 30.
Reuters had reported in late February that Biomet had hired
BofA Merrill Lynch, Goldman Sachs and J.P. Morgan to lead the
The company will list its shares under the symbol "BMET". It
did not say how many shares it will offer or the exchange it
will list on. ()
The amount of money a company says it plans to raise in its
first IPO filing is used to calculate registration fees. The
final size of the IPO could be different.