Company Commences Sale Process through Voluntary Court-Supervised Restructuring, Helping to Resolve Legal Liabilities and Enter the Next Chapter of Innovation Global Operations Remain Strong, and Company Will Continue to Operate Seamlessly with a Renewed Focus on Driving Future Growth; Surgeons, Patients and Employees Should Expect No Interruption GAINESVILLE, Fla. , Oct. 29, 2024 /PRNewswire/ -- Exactech ("the Company"), a global medical technology leader, today announced that it has entered into a comprehensive restructuring support agreement and asset purchase agreement with a group of its existing investors, pursuant to which the investor group will serve as the "stalking horse" bidder to acquire substantially all of the Company's assets.
The investor group will support the Company through the restructuring process, including by providing approximately $85 million of additional financing to fund the Company's operations. Throughout the restructuring process, the Company will continue to operate as normal, maintaining its commitment to developing and providing high-quality medical devices and technologies to orthopedic surgeons and patients. The restructuring will relieve the Company from non-operating legacy liabilities, facilitate an infusion of new capital and better position the business to execute on its mission to be the leading surgeon partner in orthopedics.
"Our team has delivered strong performance and positive growth in 2024, and we are confident in the trajecto.