Miller won’t manage Biomet after buyout

Biomet Inc. chief executive Dane Miller won’t lead the Warsaw prosthetics company after the close of its $10.9 billion sale to a group of private equity investors, according to Greater Fort Wayne Business Weekly.

Miller, who has an equity stake in the acquisition, will be a director. But his involvement won’t extend to a formal management role, the newspaper reported, citing a proxy statement and interview with Miller.

The buyer—LVC Acquisition LLC—includes Miller, The Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts and Texas Pacific Group. The deal is expected to close Oct. 31.

Miller has established an office at Winona Lake, a long-time resort area near the north-central Indiana city.