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Exactech: owners, implant recalls and bankruptcy

William Petty, Exactech’s founder

Dr. William Petty, an orthopaedic surgeon and University of Florida professor, founded Exactech in 1985 with Gary Miller and his wife Betty Petty, chaired it from the start and was chief executive until 2014. With his wife he beneficially owned 29.5% in 2010 and 24.3% at the 2018 merger, rolled part of his holding into the TPG buyer and stayed on as co-executive chairman until January 2020. He is a defendant in The Arbitrage Fund's suit over the sale, was named in Florida product-liability suits that were closed on the bankruptcy, and is a defendant in the Settlement Trust's pending Chancery suit.

published
23 oct 2026
records as of
16 oct 2026
entities
178
sources
112
cite entities.csv

1Founder, chairman and chief executive

analysisWilliam Petty, M.D. founded Exactech and was its chairman and chief executive from inception, while a professor at the University of Florida College of Medicine from July 1975 and chair of its orthopaedic surgery department from 1981 to 1996. He remained chairman, was chief executive until 2014 and president from 2002 to 2007; the proxy describes him as Betty Petty's husband and David Petty's father. According to the Settlement Trust, after the TPG acquisition he served with Jeffrey Binder as co-executive chairman of Exactech and Osteon Holdings until he retired from day-to-day management on or about January 6, 2020. These are allegations in the Settlement Trust’s pending complaint and have not been adjudicated. 1 2 3

sources in this section

  1. Exactech, Inc. registration statement (Form S-1/A) for its 1996 initial public offering U.S. Securities and Exchange Commission (EDGAR) · 1996
  2. Exactech, Inc. definitive merger proxy statement (Schedule 14A, DEFM14A) U.S. Securities and Exchange Commission (EDGAR) · 16 Jan 2018
  3. Court record source · src-012 identified by category only · Court record

2Holdings, royalties and the sale

analysisIn 2010 he and Betty Petty beneficially owned 29.5% of Exactech, mostly through Prima Investments, and he received design royalties with Gary Miller of $300,000 in 2009; he was one of the sellers, and a sellers' representative, when Exactech bought Brighton Partners in 2010. In the TPG merger he exchanged 102,400 shares for 5,821,546 Class B shares of the buyer, and the proxy's table, which prices every listed share at the merger price without deducting the shares rolled over, values his 3,258,071 shares at $160,459,997; the trust alleges he received over $46 million as a result of the acquisition. These are allegations in the Settlement Trust’s pending complaint and have not been adjudicated. 1 2 3 4

analysisOffshore Leaks data list him among the directors of a Barbados company named EXACTECH INTERNATIONAL, INC. from 1999 until it closed in 2003; the data do not state its owner or purpose and do not indicate wrongdoing. He was listed as an officer of ExactOrtho, Inc., a Florida company filed in December 2017 and dissolved in 2019. 5 6

sources in this section

  1. Exactech, Inc. 2010 proxy statement (DEF 14A) U.S. Securities and Exchange Commission (EDGAR) · 2010
  2. Company statement source · src-068 identified by category only · Company statement
  3. Exactech, Inc. definitive merger proxy statement (Schedule 14A, DEFM14A) U.S. Securities and Exchange Commission (EDGAR) · 16 Jan 2018
  4. Court record source · src-012 identified by category only · Court record
  5. Research source · src-090 identified by category only · Research
  6. Sunbiz detail record for ExactOrtho, Inc. (document P17000096933) Florida Department of State, Division of Corporations · 2019

3Proceedings naming him

analysisHe is one of the defendants in The Arbitrage Fund's suit for breach of fiduciary duty over the TPG sale, in which the Florida appeals court reversed the denial of class certification in July 2020; the ruling concerned standing, not the merits. He was named, with his wife, his son and Gary Miller, in Florida product-liability suits that were closed in October 2024 on account of the bankruptcy. The trust alleges that in October 2018, at Binder's direction, he emailed HSS surgeons a letter urging HSS to withdraw a presentation on oxidation of Exactech polyethylene, and it sues him for breach of fiduciary duty, including for conduct before the TPG acquisition. These are allegations in the Settlement Trust’s pending complaint and have not been adjudicated. 1 2 3 4 5

documentedDockets of product-liability suits filed in the Alachua County, Florida circuit court in 2022 and 2023 under the Florida master case (No. 2022 CA 002670), including case number 2022 CA 2702, name as defendants Exactech, Inc., Exactech U.S., Inc., the packaging supplier Hillman Supply Company, Inc., William Petty, Betty Petty, David Petty, Gary Miller, Miller Family Holdings, LLC and Miller Family Holdings, Inc. 2 3 4

response
Hillman Supply Company filed an answer, affirmative defences and a jury demand in December 2023; the individual founders and the Miller family companies moved to dismiss in June 2023.
outcome
The cases were closed on October 29, 2024 on account of the bankruptcy filed in the Exactech master case.

sources in this section

  1. Court record source · src-072 identified by category only · Court record
  2. Court record source · src-060 identified by category only · Court record
  3. Court record source · src-092 identified by category only · Court record
  4. Court record source · src-110 identified by category only · Court record
  5. Court record source · src-012 identified by category only · Court record

Recorded connections

  • William Petty to Exactech, Inc.Co-founderdocumented · Founded in 1985 · historical
  • William Petty and Betty PettySpousesdocumented · As stated in the 1996 registration statement and the 2018 proxy · current or historical not established
  • William Petty to David W. PettyFather ofdocumented · As stated in the 2018 proxy · current or historical not established
  • William Petty to Prima Investments, Limited PartnershipLimited partner (the Petty family held all limited partnership interests)documented · As of the 2018 merger proxy · current or historical not established
  • William Petty to Prima Investments, Inc.Joint owner with Betty Petty of all sharesdocumented · As of the 2018 merger proxy · current or historical not established
  • William Petty to Prima Investments, Inc.Registered agentdocumented · 2019 annual report · current or historical not established
  • William Petty to University of Florida College of MedicineProfessor; chairman of the Department of Orthopaedic Surgery from July 1981 to January 1996documented · Professor from July 1975 · current or historical not established
  • William Petty to Exactech, Inc.Chairman of the board from inception and chief executive officer until 2014; then executive chairman, and co-executive chairman with Jeffrey Binder after the TPG acquisitiondocumented · 1985 to January 2020 (retired from day-to-day management on or about January 6, 2020, according to the complaint) · historical
  • William Petty to Exactech, Inc.Party to the principal shareholders' agreement, with a first right (with Betty Petty) to buy shares the other family shareholders solddocumented · As described in the 1996 registration statement; existing agreements terminated under the 2017 rollover agreement · historical
  • Exactech, Inc. to William PettyPaid design-team royalties under product-design consulting agreements (1% of U.S. net sales of the products concerned, capped at $300,000 a year)documented · Royalties described in 1996; $300,000 paid to him and Gary Miller together in 2009 · historical
  • William Petty to Exactech, Inc.Shareholder: joint holder with Betty Petty of 1,318,699 shares before the IPO; with her, beneficial owner of 29.5% in 2010 and 24.3% at the merger proxy; rollover investor who exchanged 102,400 shares for Parent equitydocumented · Before the 1996 IPO to the merger of February 14, 2018 · historical
  • William Petty to Brighton Partners, Inc.Joint owner with Betty Petty of 4.6%documented · Until the sale to Exactech on May 24, 2010 · historical
  • William Petty to Exactech, Inc.Seller of Brighton Partners shares and sellers’ representativedocumented · Stock purchase agreement of May 24, 2010 · historical
  • William Petty to Exactech International, Inc. (Barbados)Directorreported · From January 29, 1999 until the company closed on October 24, 2003 · historical
  • William Petty to ExactOrtho, Inc.Officerdocumented · Filed December 7, 2017; dissolved September 27, 2019 · historical
  • William Petty to Osteon Holdings, L.P.Rollover investor: exchanged 102,400 Exactech shares for 5,821,546 Class B shares of Parentdocumented · Rollover agreement of October 22, 2017; exchange before the merger of February 14, 2018 · current or historical not established
  • The Arbitrage Fund to William PettyPlaintiff shareholder in a suit for breach of fiduciary duty over the TPG sale (Florida Third DCA No. 3D19-797) againstdocumented · Class certification reversed on appeal on July 22, 2020 · current or historical not established
  • Exactech, Inc. and William PettyCo-defendants in the 2017 shareholder class actions and in Florida product-liability suits under the Alachua County master case (closed on October 29, 2024 on account of the bankruptcy)documented · December 2017 to October 2024 · current or historical not established
  • William Petty to Osteon Holdings, Inc.Director (co-executive chairman with Jeffrey Binder, according to the complaint)documented · From the February 2018 Form D to January 2020 · historical
  • Exactech Settlement Trust to William PettyPlaintiff, through its trustee, in Del. Ch. No. 2026-0129 (breach of fiduciary duty claims; pending) againstdocumented · Filed January 30, 2026; active · current at the evidence cutoff

cite this dossier

DossierTwist, “Exactech: owners, implant recalls and bankruptcy”, dt.017, 23 October 2026, https://dossiertwist.com/dossiers/exactech/

Free to read, cite and republish with credit under CC BY 4.0: credit “DossierTwist” and link to the dossier.

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