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RTI divests cardiothoracic closure business to A&E Advanced Closure Systems

RTI Surgical Inc. sold its cardiothoracic closure business to A&E Advanced Closure Systems LLC for $54 million in cash plus an additional $6 million in contingent cash consideration.

Together with the sale of the business, the company entered into a multiyear manufacturing agreement in which it will continue to support the cardiothoracic business under A&E Advanced Closure Systems' ownership through the manufacturing of existing products and the engineering, development and manufacturing of potential future products.

RTI intends to use the proceeds from the sale to pay down a portion of its term loan as it extends the maturity of its existing credit facility through September 2019.

Stephens Inc. acted as financial adviser to RTI Surgical and Holland & Knight LLP as legal counsel for the deal. Paul Hastings LLP acted as legal counsel to A&E Advanced Closure Systems. TD Bank and First Tennessee Bank served as the co-lead banks in regards to extending RTI's credit facility.

A&E Advanced Closure Systems, a portfolio company of Vance Street Capital LLC, is an original equipment manufacturer of cardiovascular medical devices.