REDMOND, Wash. and BOSTON--()--Physio-Control, the world’s 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 company’s 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-Control’s 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 world’s 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.
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