Stryker to Buy Physio-Control for Roughly $1.3B

Acquisition-hungry Stryker has agreed to buy Physio-Control in an all-cash transaction worth almost $1.3 billion.

The Kalamazoo, Mich.-based device giant will gobble up the company — which develops, manufactures and markets monitors and defibrillators, automated external defibrillators and CPR-assist devices — days after announcing that it will buy Synergetics USA’s neuro portfolio. At the beginning of the month, Stryker said it will gobble up Sage Products for roughly $2.8 billion. Physio-Control is a portfolio company of Bain Capital Private Equity.

“Stryker has a deep understanding of capital equipment and of our core market segments,” said Brian Webster, president and CEO of Physio-Control, in a statement. “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.”

Physio-Control had $503 million in sales last year, according to Stryker. — Elizabeth Hollis