--- title: "TPG" language: en canonical: https://dossiertwist.com/dossiers/exactech/tpg/ as_of: 2026-10-16 keywords: ["Exactech, Inc.","Exactech","TPG","Osteon Holdings, Inc.","William Petty","Jeffrey Binder","polyethylene recall","Connexion GXL","Optetrak","Equinoxe shoulder","MDL No. 3044","Case No. 24-12441","Chapter 11","Exactech Settlement Trust","C.A. No. 2026-0129-MTZ","False Claims Act","deferred prosecution agreement","Advita Ortho","Strategic Value Partners","Exactech U.S., Inc."] --- # TPG - Also known as: TPG Capital, L.P. · TPG - Jurisdiction: United States (US) **Question.** What is TPG's role in the Exactech case? **Answer.** TPG, Inc., known as TPG Capital before its listing, bought Exactech in February 2018 through its fund TPG Partners VII and the Osteon holding companies and lent to it from 2023 through its sponsor vehicle. It was dismissed from the product-liability MDL in 2024, a proposed $10 million release in the bankruptcy was dropped, and in 2026 the Settlement Trust sued it, alleging that it was Exactech's alter ego; TPG denies wrongdoing and the case is pending. ## Acquisition and ownership - Analysis: TPG's fund TPG Partners VII, L.P., acting through its general partners TPG Genpar VII and TPG Genpar VII Advisors, was among the filing persons of the February 2018 take-private, after which Exactech announced that TPG had acquired all its stock. The trust's complaint says Osteon Holdings was 88% owned by the fund's vehicle TPG VII Osteon Holdings and that the firm, formerly TPG Partners, LLC, was known as TPG Capital L.P. before becoming the listed TPG, Inc. [s-d21] [s-d10] [s-d175] [s-d24] - Qualification: These are allegations in the Settlement Trust's complaint, which was pending in the Delaware Court of Chancery in October 2026; no court has ruled on them. The 88% and 95% figures appear only in the complaint; the shareholders agreement and partnership records are not public. The name history is the complaint's description; this dossier treats references to TPG Capital, L.P. in the 2017–2022 records as the same TPG firm and keeps its separately named funds and vehicles as distinct participants. ## Sponsor loans - Analysis: From September 2023 the sponsor vehicle TPG VII Osteon Holdings lent Exactech 'sidecar' term loans, $28.5 million at the petition date, and in June 2024 it proposed a restructuring with its own financing that did not lead to agreement. [s-d7] ## Product and false-claims cases - Analysis: TPG Inc. and the Osteon companies were named in the product-liability MDL on veil-piercing theories and dismissed from it in March 2024. A Maryland whistle-blower also sued TPG Capital, L.P. alongside Exactech; after the United States declined to intervene, the relator dismissed those claims without prejudice in April 2026. [s-d219] [s-d322] [s-d143] [s-d142] - Response: TPG Inc., Osteon Holdings, Osteon Merger Sub and Osteon Intermediate Holdings II moved to dismiss for failure to state a claim of indirect liability on a veil-piercing theory (motion fully briefed on 28 July 2023); the plaintiffs opposed it as premature because the choice-of-law analysis was fact-intensive. - Outcome: The dismissal removed TPG and its affiliates from the MDL personal-injury actions; the alter-ego and veil-piercing claims later passed to the Settlement Trust under the bankruptcy plan. ## Bankruptcy and the trust's suit - Analysis: A plan proposed in spring 2025 would have released TPG for $10 million; the debtors withdrew that settlement after creditors objected, and the claims passed to the Settlement Trust, which in January 2026 sued seven TPG entities and TPG partners, staff and advisers in Delaware for at least $1 billion. [s-d301] [s-d278] [s-d142] [s-d24] [s-d166] [s-d294] - Qualification: The amounts and the committee's estimate are as reported by the press; the special committee's report was not retrieved. These are allegations in the Settlement Trust's complaint, which was pending in the Delaware Court of Chancery in October 2026; no court has ruled on them. - Response: TPG told the national newspaper that it was 'categorically false' to allege that it had 'encouraged or engineered a bankruptcy filing to protect itself from liability'. TPG has denied wrongdoing, a local television investigation reported in September 2026; in a statement to a national newspaper in May 2025 TPG called it 'categorically false' that it had any prior knowledge of the packaging nonconformance, and in court filings TPG and its affiliates have said that Exactech and TPG maintained 'clearly separate businesses'. - Outcome: Pending: the docket showed the case as active on 16 October 2026; a filing of 14 August 2026 attached the Maryland qui tam papers and the plan confirmation order as exhibits, but the filing itself is not in the record and no ruling is recorded. ## Sources - [s-d21] Articles of merger: Osteon Merger Sub, Inc. into Exactech, Inc., Florida Department of State, Division of Corporations, 2018-02-14 - [s-d10] Exhibit 99.1 to Form 8-K: Exactech completes merger with TPG Capital, U.S. Securities and Exchange Commission (EDGAR), 2018-02-14 - [s-d175] Schedule 13E-3, final amendment, filed by Exactech, Inc., Osteon Holdings, Inc. and others, U.S. Securities and Exchange Commission (EDGAR), 2018-02-14 - [s-d24] Court record source · s-d24 - [s-d7] Court record source · s-d7 - [s-d219] Memorandum and Order, In re Exactech Polyethylene Orthopedic Products Liability Litigation, No. 22-MD-3044 (E.D.N.Y.), U.S. Government Publishing Office (GovInfo), U.S. Courts collection, 2024-03-07 - [s-d322] Court record source · s-d322 - [s-d143] Court record source · s-d143 - [s-d142] Court record source · s-d142 - [s-d301] Media source · s-d301 - [s-d278] Media source · s-d278 - [s-d166] Court record source · s-d166 - [s-d294] Media source · s-d294