MARQUETTE - Marquette's Pioneer Surgical Technology will be sold to a Florida-based company, under a deal announced this morning.
Under the agreement, RTI Biologics, an Alachua, Fla.-based provider of sterile biologic implants, will pay $130 million in cash to acquire all outstanding Pioneer stock, according to the company's website.
"We believe the combination of Pioneer and RTI will be a catalyst for continued growth," Dan Webber, the president and CEO of Pioneer, said in a written release. "The combined company will have a broad portfolio of complimentary surgical implants benefitting 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 witht hat of our own employees."
Pioneer, which focuses on surgical implants for use in the spinal and cardio-thoracic markets, as well as biologics and orthopedics, was founded in Marquette in 1992. The company has a number of facilities throughout the U.S. and Europe and employs nearly 300 people.
The combined company will have a new name to reflect the expanded portfolio.
The transaction, according to company officials, is estimated to close in the third quarter of this year.
Kyle Whitney can be reached at 906-228-2500, ext. 250.