After 13 years under the umbrella of Medtronic, Redmond-based Physio-Control is getting a new corporate parent. It was announced this morning that the maker of defibrillators will be purchased by private equity firm Bain Capital for $487 million in cash.
Physio-Control, which was founded more than 50 years ago and now has more than 650,000 Lifepak defibrillators in operation, employs about 1,000 people. As a result of the divestiture, Physio-Control plans to grow its employment base in the coming months in order to add staff in areas previously served by Medtronic.
“As always, we will continue to ensure that our business plans and resource levels are in sync, and make adjustments-both additions and reductions-as necessary,” a spokesman said.
Physio-Control will continue to be led by Brian Webster who is taking on the new title of CEO.
“For more than 55 years, Physio‐Control has been developing technologies and designing devices that are legendary among emergency medical response professionals. With an impressive innovation pipeline and backing by Bain Capital, we believe Physio‐Control will be well‐positioned for growth and continue its lifesaving mission to serve emergency responders, hospital care teams and their patients around the world,” said Medtronic Chairman and CEO Omar Ishrak.
The deal is expected to close in the first quarter.