Walter Eisner • Wed, September 24th, 2014
Is Biomet, Inc., CEO Jeff Binder going to China?
Xinrong Best Medical Instrument Co.
Blackstone Group LP, the lead Wall Street banker in the Biomet, Inc. private equity ownership group, announced on September 23, 2014 that it was acquiring an “unspecified” stake in China’s Xinrong Best Medical Instrument Co. Xinrong is a Chinese-based developer of orthopedic implants with trauma, spine and joint applications. Published reports quoting insiders say the deal is for $100 million.
With Zimmer Holdings, Inc.’s $13 billion offer to buy Biomet from Blackstone’s group, the company has cash to expand into China’s orthopedic market. When Zimmer and Biomet merge, the number of CEO chairs will presumably decrease to one. Binder is young and likely to seek high level challenges.
New CEO
Xinrong, founded in 2000, is one of the last independent medical devices companies in China and was reportedly interested in Blackstone’s ability to attract top-level managers. A team is apparently already assembled, including a new chief executive officer from a leading global orthopedic company. Blackstone will also help Xinrong with its marketing and sales efforts.
