Greenberg Traurig and Ropes & Gray are playing the lead roles on a deal in which private equity fund TPG Capital is buying orthopedic implant and surgical instrument maker Exactech Inc. for $640 million.
Exactech, Inc., a long-standing client of Greenberg, develops and produces orthopedic implant devices and surgical instrumentation for extremities and large joints.
TPG Capital, a multibillion dollar fund, believes it can improve Exactech’s market share, according to Motley Fool, as aging baby boomers have more orthopedic procedures done every year.
News of the deal, announced Monday, initially sent Exactech’s shares soaring by 31 percent.
TPG Capital will buy publicly traded Exactech stock for $42 per share in cash, above the company’s $32 per share price as of close last week, according to Market Watch.
The transaction is expected to close in the first quarter of 2018. When it does, Gainesville, Florida-based Exactech will be privately held. The company’s shares have surged 37.6 percent over the last three months.
The Ropes & Gray team representing TPG Capital is led by partners Jason Freedman of the San Francisco and Silicon Valley offices and Paul Scrivano of the New York, San Francisco and Silicon Valley offices. Also representing TPG are associates Chau Le of the San Francisco and Silicon Valley offices, and James Davis of the Chicago office.
The Greenberg Traurig team is led by shareholders Jaret L. Davis and Drew M. Altman of the Miami office and Clifford E. Neimeth, who works out of the New York and Phoenix offices.
Other members of the Greenberg transaction team included shareholders Mindy Leathe in Miami, Stephen M. Pepper and Barry J. Schindler and Ejim P. Achi in New York, Robert P. Charrow and Kara M. Bombach in Washington, D.C., Chang Choi in Northern Virginia, and of counsel Karen C. Corallo in Washington, D.C. Associates on the team are Maria Jose Dobles Madrigal, Taylor J. Berman and Samuel C. Goodman, all from the Miami office.
JP Morgan serves as financial adviser to Exactech.