Walter Eisner • Thu, February 19th, 2015
Privately held Precision Spine, Inc. of Parsippany, New Jersey, is refinancing its debt and building a war chest to make acquisitions.
Jim Pastena, the company’s chairman and CEO announced on February 16, 2015 that the company has finalized “a major financial agreement” to give the company the financial tools to “grow aggressively” by “pursuing targeted acquisitions” to position the company strategically in key markets. No dollar amounts were provided in the announcement.
Readers may remember that Precision acquired physician-owned Spinal USA, LLC and Precision Medical of Mississippi, LLC, for $72 million in 2012. Spinal USA had been a target of an unfounded Wall Street Journalinvestigation accusing one of the physician owners of an unnecessary surgery. The Journal‘s evidence was based on the comments of the self-proclaimed spine ethics leader Charles Rosen, M.D. Rosen reviewed radiographic images, but never saw the patient he claimed was a bad candidate for the performed procedure. Nothing came of the allegation.
Pastena was president of Biomet’s EBI, and a corporate vice president of Biomet Inc. During his tenure with EBI he lead the company growth from $85 million in 1993, to $500 million with a +20% return at his departure.
Expanding Precision Spine