IBS Investment Bank has acquired a minority stake in North Palm Beach, Florida-based The Progressive Orthopaedic Company LLC, a maker of implantable medical devices. No financial terms were disclosed.
FORT LAUDERDALE, Fla., April 3, 2017 /PRNewswire/ — Fort Lauderdale-based private equity firm IBS Investment Bank, a division of Institutional Banking Services, N.A. CORP (IBS, N.A.), today announced its acquisition of minority membership interest in North Palm Beach, FL-based implantable medical device manufacturer The Progressive Orthopaedic Company, LLC (Progressive).
The announcement comes on the heels of the firm’s March 2017 commitment to invest $50MM to South Florida companies through the form of direct equity investments while leveraging its robust lending platform to increase its return on equity. IBS, N.A. senior executive Jason Jackson is expected to lead his firm to invest in at least 10 more South Florida-based companies prior to 2017 year-end. “I am excited to be partnered with IBS as both a financial services provider and equity partner. We look forward to increasing our supply of quality implants to the orthopedic community at a tremendous value as a result of the support of our suppliers and our new partner IBS,” said Progressive Managing Director, T Bradley Harris.
Hip and knee replacements are the most common inpatient surgery for Medicare patients, with more than $7 billion spent on 360,000 procedures in 2014 alone. With the average total cost of care and recovery ranging between $18,000 and $35,000 per patient, Progressive’s high-quality, low-cost alternative has garnered the attention of hospitals and distributors nationwide. “Our partnership with Brad and his team delivers Progressive a distinct advantage in accessing capital markets to ensure the appropriate inventory to demand ratios,” IBS, N.A. Chairman and Chief Investment Officer Jason Jackson told reporters.
About IBS Investment Bank
IBS Investment Bank (IBS, NA®) is a privately held institutional banking firm dedicated to providing investment management and advisory, corporate finance, real estate finance, acquisition and management to its institutional clients.
For more information visit www.ibsinvestmentbank.com or www.IBSREICO.com
About Progressive Orthopaedic Company
Progressive Orthopaedic is a full-line orthopedic implant distributor of low-cost orthopedic implants. The company is based on the usage of “stable orthopedic technologies”. For more information, visit http://progressiveorthopaedics.com.