Philips is parting ways with its worldwide emergency care business, including its catalog of automated external defibrillators and other hardware used inside and outside the hospital, through a divestment deal with Bridgefield Capital.
While Bridgefield will serve as the division’s new owner, its products will continue to carry the Philips name, through an international licensing deal set to span up to 15 years—as, according to the investment firm, Philips ranks among the most recognizable brands in AEDs, dating back decades. The financial terms of the agreement were not disclosed.
“We are thrilled to acquire the Philips Emergency Care Business, a top-three global player in the dynamic and rapidly growing emergency medical market,” Bridgefield Managing Director Joseph Mathews said in a statement.
“This business exemplifies everything we look for in an exceptional investment—industry leadership, innovation, and a proven ability to deliver life-saving solutions on a global scale. We are excited to support its next phase of growth as a focused, standalone entity,” Mathews added.
Philips said the departure of its emergency care unit, part of its connected care segment, follows the strategy launched by the company two years ago to refocus its resources. The deal is set to close in the second half of this year.
Bridgefield pegs the value of the international emergency care market at over $26 billion. Philips’ business operates in more than 130 countries, with a base of more than 3 million installed AEDs and advanced life support systems, plus a network of 480 global distribution partners, the firm said.