Healthcare Equipment and Supplies
Company Overview of LVB Acquisition, Inc.
LVB Acquisition, Inc. through its subsidiary Biomet Inc., manufactures and distributes surgical products. The company was incorporated in 2006 and is based in Wilmington, Delaware.
1209 Orange Street
Corporation Trust Center
Wilmington, DE 19801
Founded in 2006
Key Executives for LVB Acquisition, Inc.
Senior Vice President of World Wide Operations
Senior Vice President and President of Biomet Biologics
Compensation as of Fiscal Year 2014.
LVB Acquisition, Inc. Key Developments
LVB Acquisition, Inc. and Biomet, Inc. Announces Board Changes
Feb 21 14
On February 14, 2014, Michael Dal Bello resigned from the Board of Directors, the Audit Committee of the Board of Directors and Compensation Committee of the Board of Directors of each of LVB Acquisition, Inc. and Biomet, Inc. Mr. Dal Bello did not resign in connection with any disagreement with the company or its management. Effective on February 14, 2014, the Board of Directors appointed Timur Akazhanov as a director to serve out Mr. Dal Bello's term. Mr. Akazhanov is an Associate at The Blackstone Group. Dal Bello had been previously designated by Blackstone to serve on the company's Board of Directors and Blackstone has notified the company that it is designating Mr. Akazhanov to fill the vacancy resulting from Mr. Dal Bello's resignation. On February 14, 2014, J. Pat Richardson resigned his position as Vice President and Corporate Controller in order to become the Company's Vice President, Investor Relations. In connection with this transition, Mr. Richardson resigned from his position as principal accounting officer. Also on February 14, 2014, the company designated Daniel P. Florin as the company's principal accounting officer. Mr. Florin has been Senior Vice President and Chief Financial Officer of the company since June 2007. Prior thereto, Mr. Florin served as Vice President and Corporate Controller for Boston Scientific Corporation since 2001. Prior to being appointed as Corporate Controller in 2001, Mr. Florin served in financial leadership positions within Boston Scientific Corporation and its various business units since July 1995 and was with C. R. Bard from October 1990 through June 1995.
LVB Acquisition, Inc. and Biomet Inc. Enter Incremental Term Facility Amendment
Oct 1 13
On September 25, 2013, LVB Acquisition, Inc., Biomet, Inc. and certain of Biomet's subsidiaries entered into an incremental term facility amendment and an amendment to Biomet's senior secured credit facilities with the other loan parties party thereto and Bank of America, N.A., as the additional term lender. The Amendments were entered into pursuant to that certain Credit Agreement, dated as of September 25, 2007, as amended and restated by that certain Amendment and Restatement Agreement dated as of August 2, 2012, by and among Biomet, LVB, certain subsidiaries of Biomet, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and each lender from time to time party thereto. By entering into the Amendments, the additional term lender party thereto has agreed to provide additional dollar-denominated term loans in aggregate principal amount of approximately $870.5 million, which will be used to refinance a portion of the term loans outstanding under the Credit Agreement due on July 25, 2017. The other material terms of the Additional Term Loans, which will mature on July 25, 2017, are identical to the term loans that were refinanced. In addition, the Amendments provide for a reduction in the interest rate margin applicable to the extended Dollar term loans outstanding under the Credit Agreement from 3.75% per annum to 3.50% for LIBOR loans and 2.75% per annum to 2.50% for base rate loans. In connection with the Amendments, Biomet is required to pay an upfront fee of 0.25% of the aggregate amount of the Additional Term Loans and the extended Dollar term loans as of the effective date of the Amendments.
LVB Acquisition, Inc. and Biomet Inc. Announces Board Changes
Apr 4 13
On April 2, 2013, David McVeigh resigned from the board of directors and from the audit committee of the board of directors of each of LVB Acquisition, Inc. and Biomet, Inc. Effective on April 2, 2013, the board of directors appointed Chinh E. Chu as a director to serve out Mr. McVeigh’s term. Mr. Chu is a senior managing director of The Blackstone Group. Pursuant to the Amended and Restated Limited Liability Company Operating Agreement of LVB Acquisition Holding, LLC, Blackstone has the right to nominate two directors to Board of Directors. Mr. McVeigh had been previously designated by Blackstone to serve on board of directors and Blackstone has notified the company that it is designating Mr. Chu to fill the vacancy resulting from Mr. McVeigh’s resignation. Mr. Chu previously served as a director of the company from July 2007 to September 2007.
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