Aurora Resurgence Announces Sale of Cardiac Science Corporation to ZOLL Medical Corporation
LOS ANGELES, June 11, 2019 /PRNewswire/ -- Aurora Resurgence, a Los Angeles-based private equity firm, today announced that its affiliate has entered into a definitive agreement to sell Cardiac Science Corporation ("Cardiac Science" or "CSC"), a leading provider of automated external defibrillators ("AEDs"), related services and accessories, to ZOLL® Medical Corporation, an Asahi Kasei Group Company that manufactures medical devices and related software solutions. Terms of the transaction were not disclosed.
"Aurora Resurgence proved to be an ideal partner following our restructuring," said Dev Kurdikar, President and CEO of Cardiac Science. "With their strong support over the past three years, we have been able to grow our business substantially and provide an expanding range of leading technologies and services to our customers. We are excited to leverage the strong foundation we have established in our transition to new ownership under ZOLL."
"It has been a pleasure to partner with Cardiac Science for the past three years," said Sean Ozbolt, Partner at Aurora Resurgence. "Under the strong leadership of Dev and the CSC management team, the company realized significant expansion of both its product offerings and reach in furthering its mission to provide lifesaving AEDs to victims of sudden cardiac arrest. CSC is well positioned to build off of this momentum, and we look forward to watching its continued success as part of ZOLL."
The transaction is subject to customary closing conditions, and is expected to close in the third quarter of 2019. Piper Jaffray was Cardiac Science's financial advisor on the transaction, and Paul Hastings served as legal counsel to Cardiac Science.
About Aurora Resurgence
Aurora Resurgence is a leading private equity firm focused on investing in equity and debt securities of middle market companies. Its expertise lies in creating value from complex situations that arise from financial or operational challenges. Aurora Resurgence acts as a constructive partner with management teams and other stakeholders to help drive financial growth and operational improvements. Located in Los Angeles, Aurora Resurgence is presently investing from Aurora Resurgence Fund II. For more information, please visit www.aurorares.com.
About Cardiac Science Corporation
Cardiac Science develops, manufactures, and markets automated external defibrillators (AEDs), as well as AED parts and accessories. The company also offers Rescue Ready® Services, a comprehensive portfolio of training, maintenance, and support services for AED customers. Cardiac Science has executive offices in Deerfield, Wisconsin. The company has operations in North America and Europe and has shipped over 500,000 lifesaving AEDs to nearly 100 countries worldwide. For information, visit http://www.cardiacscience.com.
About ZOLL Medical Corporation
ZOLL Medical Corporation, an Asahi Kasei Group company, develops and markets medical devices and software solutions that help advance emergency care and save lives, while increasing clinical and operational efficiencies. With products for defibrillation and monitoring, circulation and CPR feedback, data management, fluid resuscitation, therapeutic temperature management, and ventilation, ZOLL provides a comprehensive set of technologies that help clinicians, EMS and fire professionals, and lay rescuers treat victims needing resuscitation and acute critical care. For more information, visit www.zoll.com.
About Asahi Kasei
The Asahi Kasei Group is a diversified group of companies led by holding company Asahi Kasei Corp., with operations in the material, homes, and health care business sectors. Its health care operations include devices and systems for acute critical care, dialysis, therapeutic apheresis, transfusion, and manufacture of biotherapeutics, as well as pharmaceuticals and diagnostic reagents. With more than 30,000 employees around the world, the Asahi Kasei Group serves customers in more than 100 countries. For more information, visit www.asahi-kasei.co.jp/asahi/en/.
SOURCE Aurora Resurgence