$39M Investment to Allow OrthoPediatrics to Double Staff
Posted
Staff Report-
OrthoPediatrics Corp. closed a $39 million investment from shareholders Friday, the company announced. The capital raise, announced last month, will fund expansion that is expected to double employment at OrthoPediatrics by the end of the year – from 45 to 90 at the Warsaw facility. The pediatric device maker’s largest shareholder, Squadron Capital LLC, contributed $37 million while another $2 million came from other shareholders. The capital raise will be used to finance the company's rapid growth and product expansion and to reduce and restructure its debt, according to the announcement. The equity infusion will allow the company to support its global expansion in 28 countries outside the U.S. It will also fund production of the company’s two newest products introduced this year, the Response Spine System and the Anterior Cruciate Ligament Reconstruction System. These two products diversify the company from trauma and deformity into the pediatric scoliosis and sports medicine markets. The company subcontracts out its manufacturing but over the past several years has been moving production back to Warsaw-based vendors, the Kosciusko Economic Development Corp. noted in a May release.
