Waukesha-based automated external defibrillator manufacturer Cardiac Science Corp. has been acquired by Aurora Resurgence, an affiliate of Aurora Capital Group, for an undisclosed price.
[caption id="attachment_131220" align="alignright" width="300"] Cardiac Science makes automated external defibrillators like this one.[/caption]
Aurora Resurgence, a Los Angeles-based private equity firm, acquired Cardiac’s assets as part of Cardiac’s larger restructuring. The company touted its improved business operations and capital availability to start the year. Los Angeles-based investment firm Aurora Capital has about $2 billion in capital.
Cardiac Science, which is part of Bangalore, India-based medical technology group Opto Circuits Ltd., develops, manufactures and markets AEDs and related products, and holds more than 100 patents. It also offers training, maintenance and support for its customers around the world, and has sold more than 500,000 AEDs. In 2013, it sold its diagnostic cardiology product line to Milwaukee-based Mortara Instrument Inc.
Cardiac filed for Chapter 11 Oct. 20 and was brought to auction a few weeks ago. Aurora Resurgence made the highest bid, a Cardiac spokesman said.
Cardiac’s Waukesha operations will not be closing as a result of the sale, a spokesman said. The company’s 200 employees will remain on board, and it is still evaluating the future of its other branches.
"We are excited to complete this transaction in an expedited time frame, with no disruption to our distribution partners or customers. Our valued partners and customers can expect continued world-class support for their AEDs while we grow the Powerheart AED community of passionate people and organizations committed to saving lives," said Al Ford, president of Cardiac Science. "This is an exciting day for our employees, our customers, and our partners."
"We look forward to a long and successful partnership with the Cardiac Science team," said Sean Ozbolt, partner at Aurora Resurgence. "Legislation, demographic trends, and increased awareness continue to drive AED market penetration globally. We believe Cardiac Science is well positioned to capitalize on these trends and further increase its position as an innovative leader in AED deployment."