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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Tornier plans $205 Million IPO: Dutch orthopedic device maker Tornier seeks to raise up to $205 million in an initial public offering for debt repayment and "general corporate purposes," according to a June 7 filing with the Securities and Exchange Commission. Tornier, founded 70 years ago in France and acquired in 2006 by an investor group led by Warburg Pincus, focuses primarily on extremity joint treatments and claims the second largest worldwide market share for shoulder joint replacement products and the number one position in the U.S. market for foot and ankle joint replacements. Competitors include Johnson & Johnson/DePuy, Zimmer, Stryker, Wright Medical, Arthrex and ArthroCare. Tornier generated revenue of $201.5 million in 2009, up 13.6% from the prior year, with 57% of sales generated in the U.S. The firm had a net loss of $55.7 million for the year compared to a loss of $36.8 million in the prior year. Tornier stock would trade under the Nasdaq symbol "TRNX." Underwriters for the IPO include Merrill Lynch, J.P. Morgan, Piper Jaffray, Credit Suisse, Wells Fargo and William Blair & Company

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