You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • GateHouse Media parent to buy Providence Journal
    The parent company of Gatehouse Media LLC on Tuesday announced an agreement to buy The Providence Journal and related print and digital assets from A.H. Belo Corp. for $46 million cash.
  • New F-150 can compete with Silverado, Ford says
    DEARBORN, Mich. – Ford said its aluminum-sided F-150 pickup will hold its own against rivals despite its lighter weight.
  • Beer trend reversal brewing
    RICHMOND, Va. – Helping to quench a growing thirst for American craft beer overseas, some of the United States’ largest craft breweries are setting up shop in Europe, challenging the very beers that inspired them on their
Advertisement

Equity owners may act to sell stake in Biomet

Biomet Inc.’s private equity owners might be looking to sell their stake in the Warsaw-based orthopedic devices maker, a financial newspaper reported this week.

The Financial Times of London reported Monday that the owners are considering taking the manufacturer public or selling it to another investment group. The publication said it relied on three unnamed sources for the information.

Barbara Goslee, Biomet spokeswoman, said Wednesday that the company doesn’t comment on speculation.

In 2007, a private-equity consortium paid $11.4 billion for Biomet, a transaction the new owners characterize as a merger. The private-equity group includes affiliates of Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts & Co. and Texas Pacific Group, along with Dane Miller, a Biomet founder and former chief executive.

Miller couldn’t be reached Wednesday for comment.

Brad Bishop, executive director of the nonprofit industry group OrthoWorx, said anyone involved in strategic talks that could lead to a sale would be prohibited from talking publicly about it until a formal announcement was issued.

Biomet employs about 8,000 worldwide, including about 1,500 in Warsaw.

On July 17, 2012, the company reported fiscal 2012 financial results, including a net loss of almost $458 million for the 12 months ended May 31, 2012.

Biomet has not yet released a financial report for fiscal 2013, which ended May 31.

sslater@jg.net

Advertisement