TPG Capital has signed an agreement to acquire US-based orthopedic implant devices maker Exactech for around $625m.

As per terms of the deal, TPG will acquire Exactech common stock by paying $42.00 per share.

Based in Gainesville of Florida, Exactech is engaged in the development and production of orthopedic implant devices and surgical instrumentation for extremities and large joints.

The firm will provide its orthopedic implant devices and related surgical instruments, as well as biologic materials and services to hospitals and physicians.

Exactech’s orthopedic products will be used to restore bones and joints, which are degenerated due to diseases such as arthritis.

Established in 1985, the company employs around 700 people and distributes its products in around 35 countries across the globe.

Subject to customary closing conditions, the deal is expected to complete in the first quarter of 2018.

Exactech CEO David Petty said: “This agreement provides maximum value for our shareholders, who have shared our vision and supported our growth over the past two decades.”

TPG Capital managing director Todd Sisitsky said: “With their strong commitment to patients and surgeons and a comprehensive product portfolio, Exactech has strategically built a platform poised for significant growth.

In 2016, TPG Capital also acquired US-based surgical devices developer Beaver-Visitec International (BVI) from RoundTable Healthcare Partners for an undisclosed sum.

Based in Waltham of Massachusetts, BVI is engaged in the development, manufacturing and selling of surgical devices for the ophthalmic market.

Image: TPG's San Francisco offices at 345 California Street.  Photo: courtesy of Daniel Schwen.