Blackstone buys stake of Xinrong Best Medical Instrument Co

Blackstone Group LP has agreed to buy a stake in China's Xinrong Best Medical Instrument Co, the US private equity company said in a statement on Tuesday.

A person with direct knowledge of the matter said Blackstone is investing around $100 million in the company, which makes orthopedic implants.

Boston Consulting Group projects the China orthopedic implant market will grow to $4.1 billion in 2020 from $1.3 billion in 2013.