ZimVie Inc.: M&A transaction — ZimVie closes spine business sale to H.I.G. Capital for $375M; becomes pure-play dental

ZimVie Inc.

Sale closed April 1; total consideration $375M: $315M cash + $60M promissory note at 10% PIK interest.
ZimVie transitions to pure-play dental company following sale to H.I.G. Capital affiliate.
Target annual financial profile one year post-close: $455M+ net sales and 15%+ adjusted EBITDA margin.
Intends to immediately pay down $275M debt, leaving ~$234M total debt and ~$66M cash as of April 2.
Spine business previously held ZimVie's global spine operations; deferred markets transfer pending.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ZimVie Inc. completed a disposition involving ZEB Buyer, LLC for $375,000,000 (closed 2024-04-01).

Action: disposition
Counterparty: ZEB Buyer, LLC
Consideration: $375,000,000
Closing: 2024-04-01

Exact text from the filing

the Purchase Agreement, Purchaser or one of its affiliates acquired all of the issued and outstanding equity interests of the Transferred Entities. The gross purchase price was $375,000,000, comprised of $315,000,000 in cash, subject to certain customary adjustments as set forth in the Purchase Agreement, and $60,000,000 in the form of a subordinated promissory note

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Source: SEC EDGAR

accession 0001193125-24-082706

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