Dallas-based private equity firm Pharos Capital Group has exited its investment in metal and synthetic implant products maker Pioneer Surgical Technology as part of its $130m takeover by RTI Biologics.
Pharos made its first investment in Pioneer in December 2006 when it led a $30.5m preferred equity private placement, which was followed by a $17m Series B investment two years later.
Both investments were made out of the firm’s Pharos Capital Partners II fund.
Pharos partner Joel Goldberg 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.”
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