RTI Surgical OKs $480M sale of OEM business, names new CEO

Alan Condon -   Print  |

RTI Surgical shareholders have approved the sale of its original equipment manufacturer business to a private equity firm in a $480 million cash deal, according to a July 15 announcement.

Montagu Private Equity will acquire the OEM business, which develops biologic, metal and synthetic implants. RTI Surgical plans to use the capital to bolster its spine portfolio.

After the transaction closes, RTI Surgical will rebrand as Surgalign Holdings and President and CEO Camille Farhat will retire from the company.

Terry Rich, president of global spine at RTI Surgical, will assume the role as head of the company.

Stuart Simpson will be installed as chairman of the board of directors as Curtis Selquist steps down after closing.

RTI Surgical expects the transaction to close July 20.

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