Waukesha-based Cardiac Science Corp. has agreed to be acquired by Chelmsford, Massachusetts-based ZOLL Medical Corp.
Cardiac Science designs, manufactures and distributes automated external defibrillators that are installed at companies, schools, restaurants, malls and other public places for use in sudden cardiac arrest. Its manufacturing takes place in Deerfield, near Madison, where it also has executive offices. Cardiac Science has operations in North America, Europe and Asia, and has installed more than 500,000 units globally.
The company in 2013 sold its diagnostic cardiology line to Milwaukee-based Mortara Instrument Inc. In October 2015, Cardiac Science filed for Chapter 11 bankruptcy. In January 2016, it was acquired at auction by Los Angeles-based private equity firm Aurora Resurgence, an affiliate of Aurora Capital Group, which has now sold it to ZOLL.
ZOLL is a subsidiary of Tokyo-based Asahi Kasei Corp. It manufactures medical devices and related software. It develops and markets emergency care devices and software, with applications including defibrillation and monitoring, circulation and CPR feedback, data management, fluid resuscitation, therapeutic temperature management and ventilation.
Cardiac Science’s Rescue Ready services will be combined with ZOLL’s program management portfolio to create a large AED information database. ZOLL will acquire Cardiac Science’s product portfolio and pipeline, and its U.S. and Europe facilities in the transaction.
“We are enthusiastic that ZOLL is the right company to champion our high-quality AED portfolio, leveraging its footprint and vision to expand access and applications for use in communities worldwide,” said Dev Kurdikar, president and chief executive officer of Cardiac Science. “The agreement reflects ZOLL’s appreciation for the value of our technology, and I am confident customers will benefit from the increasing resources and reach of our combined portfolios.”
“We see considerable complementary features in the two portfolios and look forward to adding the Cardiac Science technology to the services we offer our customers,” said Elijah White, president of ZOLL Resuscitation. “In fact, the opportunities we gain by sharing the expertise, technologies and accessories of each legacy organization will dramatically improve the utility of our combined portfolio.”
The transaction is expected to close in the third quarter.