MARQUETTE, MI-- Marquette-based Pioneer Surgical Technology is being sold to a Florida company.
RTI Biologics—which produces sterile biologic implants—has entered into an agreement to pay $130 million in cash to acquire all outstanding Pioneer stock.
Pioneer manufactures metal and synthetic implants primarily in the spine and cardiothoracic markets, but also for orthopedics, biologics, and trauma.
Pioneer President and CEO Daniel Webber says, “we believe the combination of Pioneer and RTI will be a catalyst for continued growth. The combined company will have a broad portfolio of complementary surgical implants benefiting patients, surgeons and hospitals, as well as advancing the positive momentum we have built at Pioneer. Additionally, RTI’s culture of innovation is a great fit with that of our own employees.”
The sale is expected to close in the third quarter of 2013.