REDMOND, Wash.
and BOSTON–(BUSINESS WIRE)–Physio-Control, the
worlds leading provider of emergency medical response technology for use in
the intervention and treatment of sudden cardiac arrest and other medical
emergencies, today announced the completion of the sale of the company to an
affiliate of Bain Capital, a leading global private investment firm. The transaction
which was announced November 17, 2011, was valued at approximately $487
million. Simultaneous with the closing, Brian Webster, formerly President, has
been named Chief Executive Officer of the newly-independent company.
Headquartered in Redmond,
Washington, Physio-Control is the
global leader in professional emergency response products and services. The companys
professional products include LIFEPAK® monitor/defibrillators, the LUCAS® 2
chest compression system, and the LIFENET® System cloud-based data management
tools. Physio-Control also provides a line of automated external defibrillators
(AEDs) for emergency use by bystanders in workplace environments, airports,
schools and communities. The company was previously owned by Medtronic, Inc.
(NYSE:MDT).
“Our customers continue to be are our first priority during
this transition. We expect a seamless changeover with zero disruption to our
normal operations and our ability to provide emergency medical response
products and services worldwide,” said Webster. “We are very eager to begin the
next phase of Physio-Controls evolution as a standalone company with the
financial resources and operational expertise of Bain Capital behind us. Bain
Capital has a deep understanding of our business, and we look forward to
collaborating with them to help us seize new growth opportunities.”
“Physio-Control is a market leader at the forefront of
emergency response technology, with a well-earned reputation for sophisticated
products that emergency responders and medical professionals rely on to save
lives,” said Chris Gordon, a Managing Director at Bain Capital. “Building on
that legacy of innovation and a loyal customer base, we are excited to support
Brian and his team in achieving even greater success.”
Non-equity financing for the transaction was provided by
Citigroup Global Markets Inc. and RBC Capital Markets. Citigroup Global Markets
Inc. and RBC Capital Markets acted as financial advisors and Kirkland &
Ellis as a legal advisor to Bain Capital.
About Physio-Control
Physio-Control, Inc., is headquartered in Redmond,
Washington. The company operates
in over 100 countries and is the worlds leading provider of professional
emergency medical response solutions. To find out more about Physio-Control, go
to www.physio-control.com or call 1-800-442-1142.
About Bain Capital
Bain Capital, LLC (www.baincapital.com) is a global private investment firm
that manages several pools of capital including private equity, venture
capital, public equity, high-yield assets and mezzanine capital with
approximately $66 billion in assets under management. Bain Capital has a team
of over 300 professionals dedicated to investing and to supporting its
portfolio companies. Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 300 companies in a variety
of industries around the world. The firm has a long history of investing in
leading healthcare companies, having made over 50 investments in companies such
as HCA Holdings, Inc., Air Medical Group Holdings, Inc., Quintiles Transitional
Holdings, Inc., CRC Health Corporation, Warner Chilcott plc, and across a broad
range of sectors including service providers, facilities, life sciences,
devices, and distribution. The firm has offices in Boston,
New York, Chicago,
London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai, with over 800 employees worldwide.
Posted by Sean Fenske, Editor-in-Chief, MDT
