A year after a group of private-equity investors took over Biomet Inc., CEO Jeff Binder has told a Fort Wayne newspaper that he expects the company to be taken public again.
Binder didn’t predict when the transition might take place, but said that the move likely would make more sense than an outright sale, The News-Sentinel reported.
The Warsaw prosthetic maker was taken private after it was acquired by the investor consortium in September 2007 for $11.4 billion. However, it has continued to report financial results, and its debt trades publicly.
In the past year the management team has focused on improving profit by cutting costs. Much of the efficiency is being gained by centralizing supplier networks, often through negotiating global contracts through such companies as shipper UPS.
Biomet has added about 115 jobs in the past year despite closing an Oklahoma soft-goods plant. Half the new jobs are in Warsaw, leaving the company with 1,360 in Warsaw and a total of 7,400 globally.
Leading the takeover were investors LVB Acquisition LLC; Goldman, Sachs & Co.; Kohlberg Kravis Roberts; and Texas Pacific Group. Biomet co-founder and CEO Dane Miller, who is an investor under the new ownership, is the only remaining board member.