Pharos Capital Exits Stake as Pioneer Surgical is Sold
DALLAS & NASHVILLE, Tenn. -- July 18, 2013
Pharos Capital Group, LLC, a private equity firm based in Dallas and
Nashville, announced it has sold its stake in portfolio company Pioneer
Surgical Technology, Inc. ("Pioneer") as part of the company's acquisition by
RTI Biologics Inc. for $130 million. Pioneer, based in Marquette, MI, is a
leading manufacturer and distributor of metal and synthetic implant products
for the orthopedics, biologics, spine, trauma and cardiothoracic markets.
Pharos first invested in the company in December 2006, leading a syndicate of
investors in a $30.5 million Preferred Equity private placement. Pharos later
led a follow-on Series B investment of $17 million in December 2008. Both
investments were made out of the firm's Pharos Capital Partners II fund.
Pharos's capital was used to fund studies of Pioneer’s NUBAC™ intradiscal
arthroplasty device; global distribution expansion; and aggressive project
development programs including motion preservation devices, biologics, and
minimally invasive surgical approaches.
Joel Goldberg, a Pharos Partner, said, “We are pleased that Pharos's support
helped the company develop new products, fund its global expansion, and
produce a robust portfolio of granted and pending patents. We are proud of
Pioneer's impressive development into a world-class innovative surgical
solutions provider, and are delighted to offer our investors a successful
realization from this prime investment."
About Pharos Capital Group
Based in Dallas and Nashville, Pharos (www.pharosfunds.com) primarily invests
$10 to $30 million in companies seeking later stage equity funding for
internal growth, acquisitions, management buyouts or recapitalizations across
industry sectors, with particular focus on healthcare and business services.
Pharos typically invests in undercapitalized businesses in underserved regions
across the nation.
Owen Blicksilver Public Relations, Inc.
Caroline Luz, 203-656-2829
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