PE shop Aurora Capital buys Cardiac Science

Private equity firm Aurora Capital Group said today it acquired the assets of Cardiac Science in a court-approved sale, but did not disclose the financial or other terms of the sale.

Waukesha, Wisc.-based Cardiac Science develops, manufactures and markets automated external defibrillators and related accessories, and provides training and services around the devices.

“We are tremendously excited to partner with Aurora Resurgence to complete this transaction and enter into a new phase of growth. 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. This transaction and partnership present a bright future for Cardiac Science’s customers, distribution partners, suppliers and employees,” Cardiac Science GM Al Ford said in a prepared statement.

Cardiac Science filed for Chapter 11 in October last year, hoping to restructure debt to speed up its sale, and in the same month filed a motion to seek authorization to pursue the sale.

“Cardiac Science is an innovative supplier of AEDs with best-in-class products and a world-class team. The company has a significant opportunity to expand in the high-growth U.S. and international public access defibrillation markets. We look forward to supporting the company’s global growth vision and its commitment to helping to save lives,” Aurora Resurgence partner Sean Ozbolt said in a press release.

Previously Opto Circuits (India) Ltd. (BSE:532391) owned Cardiac Science won a $23 million victory over Zoll Medical in a breach of contract lawsuit last May.

A jury in the Los Angeles Superior Court awarded Cardiac Sciences $23.0 million in lost royalties, stemming from a 2002 licensing agreement with LifeCor for patents covering its wearable defibrillator technology. But when Zoll acquired LifeCor in 2006, Cardiac Sciences alleged, Zoll stopped paying the royalties.

Opto Circuits closed its buy of Cardiac Science Corp. (NSDQ:CSCX) in December 2010.

The Bangalore, India-based medical device developer acquired Cardiac Science in 2 steps: An all-cash tender offer for $2.30 per share, under which it bought a 77% stake; and a short-form merger by which it snapped up enough of the remaining shares to forego stockholders’ formal approval under Delaware law.

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