Brian Webster Assumes Role of Chief Executive Officer
REDMOND, Wash. and BOSTON – January 30, 2012 – 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.