Randy Theken, one of the most influential and important entrepreneurs in modern orthopedics, has returned to the industry he helped create.
For most of us, the last time we saw an article about Randy was 2009, when he sold Theken Spine, Theken Disc, and Therics to Integra LifeSciences Holdings Corporation for more than $200 million. That company is now one of the key components of SeaSpine Holdings Corporation, under the direction of another legendary entrepreneur—Keith Valentine of both Sofamor Danek and NuVasive, Inc. fame.
Theken’s restlessly inventive mind found a number of interesting outlets while he was waiting out his five year non-compete. And now, he is back.
Welcome back, Randy. We missed you. By the way, been up to anything?
A Lot, Actually
In fact, selling his companies created the opportunity for Theken to take his talents and energy in some very interesting directions.
One of the most notable projects is Theken’s partnership with developer Steve Coon. Together they revitalized major swaths of northeastern Ohio, which has struggled with high unemployment and deteriorating cities—like Youngstown, Akron and Canton—for decades. In Canton, Theken and Coon restored and then converted beautiful buildings from the 1930s into The Historic Onesto Lofts and Bliss Lofts. Their efforts are helping to attract new investment and interest to downtown Canton and Akron.
Theken also became a partner in a group of assisted-living centers and then jumped into the consumer products world by investing in and becoming a major owner of a Chicago-based acne medicine company.
Finally, Theken embarked on what is probably one of the secret passions of a majority of biomedical engineers and entrepreneurs all over the world—buying and selling exotic vehicles—everything from Ferraris to Porsches to Lamborghinis.
Why? Because he was “bored and it looked like a good business.”
Over these past few years, through Foxtrot Auto, Theken bought and sold over 150 vehicles. Theken says the exotic car industry delivered some of his greatest returns on investment. For example, in 2010, Theken bought four of the first super Ferraris ever made. A 1984 Ferrari GTO, F-50, F-40 and Enzo. Theken bought the Enzo for $1.2 million and sold it for around $2.8 million.
What was the key to his success? Theken said that he got in at the right time—and that the key is finding vintage, numbered vehicles with very low mileage.
Theken’s success in renovating and redeveloping a beautiful historic buildings, assisted-living centers, skincare lines, and exotic cars speaks to a remarkable and truly unique individual—someone blessed with not only tremendous capabilities but a passion for treasuring what is timeless, beautiful and, ultimately, the best of what people can do and become.
