Cardiac Science Corporation says it will “enter into a new phase of growth” after being acquired by a Los Angeles-based private equity group.
The Waukesha company, one of the leaders worldwide in making automated external defibrillators, filed for Chapter 11 bankruptcy in October in a move that led to the ouster of the several company leaders.
But Cardiac Science Senior Vice President Al Ford said a “new era begins” at the company following its acquisition by Aurora Resurgence, announced yesterday.
“We emerge from this restructuring with a clean, well-capitalized balance sheet, a strong growth platform with industry-leading products and services, and a supportive partner that shares our long-term goals,” Ford said. “This transaction and partnership present a bright future for Cardiac Science’s customers, distribution partners, suppliers and employees.”
Sean Ozbolt, a partner at Aurora Resurgence, said Cardiac Science has “significant opportunity to expand” in the U.S. and internationally.
Terms of the deal, which is expected to close Jan. 22, weren’t disclosed.
Cardiac Science spokesman Ric Kositzke said the company will continue manufacturing out of its Deerfield plant, as well as continue operating its California location and offices in Italy, France, the United Kingdom, Denmark and Germany.
The company is also planning on “adding resources as we normalize the business,” Kositzke added, including adding employees in several departments. And it’s hoping to keep working with its suppliers to ensure it can fill orders quicker. Already, he said, the company has cut those times from 8 months to less than a month.
“Morale is extremely high,” he said.
— By Polo Rocha
WisBusiness.com
