Livingstone shocks new life into Cardiac Science

  • Jan 2016
  • Healthcare
  • Special Situations
  • M&A: Sell-Side
  • US

Livingstone is pleased to announce the sale of Cardiac Science Corporation (“Cardiac Science”, the “Company” or the “Debtor”) to Aurora Resurgence, an affiliate of Aurora Capital Group. The sale was consummated pursuant to §363 of Chapter 11 of the United States Bankruptcy Code.

Cardiac Science is a leading global provider of automated external defibrillators (“AEDs”) and related training, maintenance, and support services. The Company’s customers include a broad array of corporations, communities, police/fire departments, emergency medical systems, governments/militaries, and hospitality and healthcare companies. Headquartered in Waukesha, WI, Cardiac Science maintains a global footprint with over 550,000 AEDs deployed since inception in over 100 countries.

“The Livingstone team was quick to prove their expertise under difficult circumstances,” said Al Ford, President of Cardiac Science. “Within a very condensed timeframe, Livingstone conducted an efficient and competitive sale process that generated significant strategic interest in the Company. This transaction is an excellent result for all of our stakeholders and we look forward to the next phase of growth with Aurora Resurgence as our partner.”

“Livingstone’s special situations team continues to generate outstanding results for clients under a variety of difficult circumstances,” said Joseph Greenwood, Partner at Livingstone who has noted an increase in restructuring activity across the middle market. “Despite the robust M&A market currently, we continue to remain extremely active advising companies in distress seeking capital solutions across a variety of different industries.”

Cardiac Science continues Livingstone’s momentum of successful healthcare transactions. “Cardiac Science marks another double-digit EBITDA multiple outcome for a healthcare client of Livingstone,” added Director Andy Bozzelli.

Other professionals in the transaction included:

  • Alvarez & Marsal North America LLC – restructuring advisor for the Debtor
  • Whyte Hirschboeck Dudek S.C. – counsel for the Debtor
  • Latham & Watkins LLP – counsel for Aurora Resurgence
  • Freeborn Peters LLP – counsel for the Official Committee of Unsecured Creditors


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