Physio-Control Inc. is getting a new corporate parent — again.
Founded in 1955, Physio-Control develops and sells external defibrillators and emergency medical response products. It posted $503 million in revenue for 2015 and employs more than 1,400 worldwide.
In 2011, the company was purchased by private equity firm Bain Capital for $487 million in cash. Before that, it was acquired by Medtronic for $538 million in 1998, before being spun off in 2006.
“Joining Stryker is an exciting next step in the evolution of Physio-Control for both our team and our customers,” Physio-Control CEO Brian Webster said in a statement. “Stryker has a deep understanding of capital equipment and of our core market segments. We will build on the success our team has achieved in partnership with Bain Capital, and further accelerate the execution of our strategy, including continued investment in great product solutions for our customers.”
Stryker Corp, meanwhile, is in acquisition mode. The company, which has a market capitalization of about $37 billion, said it would acquire Sage Products LLC for $2.78 billion earlier this month. Shares of Stryker are up slightly today, trading at more than $97 per share.
“Physio-Control has achieved global leadership positions with a strong brand and customercentered solutions that can predict or intervene in life-threatening emergencies,” Stryker CEO Kevin Lobo said in a statement. “Physio-Control’s focused strategy and their culture will fit well within the EMS business of our Medical division, further leveraging our existing call pattern. We look forward to welcoming the Physio-Control team to Stryker.”
The deal is expected to close at the beginning of the second quarter.