OrthoPediatrics Corp. sold substantially all of the assets related to the adult product offering of Vilex In Tennessee Inc. to Squadron Capital LLC's affiliate Vilex LLC.
In exchange, Squadron Capital will reduce OrthoPediatrics' debt under a $30 million note by $25 million.
OrthoPediatrics, a medical device company that develops and sells implants and devices to treat children with orthopedic conditions, paid the remaining $5 million along with accrued interest at the time of completion of the deal Dec. 31, 2019, according to a Jan. 6 press release.
In addition, OrthoPediatrics granted Vilex license to manufacture and sell products using technology Orthex LLC's technology. Orthex is a subsidiary of Warsaw, Ind.-based OrthoPediatrics.
OrthoPediatrics has the right to use and sell certain intellectual property that Vilex acquired as part of the deal. The company acquired Vilex In Tennessee and Orthex in June 2019.
Stifel and Bingham Greenebaum Doll LLP were OrthoPediatrics' exclusive financial and legal advisers, respectively, for the deal.