Philips to sell its emergency care business to private equity firm
Royal Philips has agreed to sell its emergency care business to Bridgefield Capital, a private equity firm based in Washington, D.C. Financial terms of this deal were not shared with the public.
Philips’ emergency care business includes its automated external defibrillators (AEDs) and other medtech devices that provide emergency care in and outside of the hospital.
AED awareness has been on the rise in recent years after NFL player Damar Hamlin went into cardiac arrest live on television during a game in January 2023. Hamlin’s experience helped jumpstart a patient advocacy movement that resulted in the HEARTS Act, a bipartisan bill focused on spreading the word about cardiomyopathy and getting more AEDs in public schools, being signed into law at the end of President Joe Biden’s time in office.
Bridgefield Capital was founded in 2015 and focuses on investment opportunities with companies “navigating transitions or positioned for growth.” The firm has previously invested in such popular brands as Cirque Du Soleil, Del Monte and Quiksilver.
In a statement announcing the agreement, Bridgefield Capital said it saw this acquisition as a way to enter the lucrative emergency care market, which it values at approximately $26 billion. Philips’ emergency care portfolio will now be sold and distributed as part of a newly formed holding company, Emergency Care Holdings.
“At Bridgefield, we focus on investment opportunities where we can create value by building strong, standalone platforms in attractive industry segments,” Joseph Mathews, managing director of Bridgefield Capital, explained. “We are thrilled to acquire the Philips emergency care business, a top-three global player in the dynamic and rapidly growing emergency medical market. 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.”
“We are excited to support the talented management team, its' committed employees and dedicated group of global distributors, as together we realize the global life-saving potential of this essential company,” added Richard Foster, managing director of Bridgefield Capital.
This transaction is expected to be completed in the second half of 2025. It may take some time before consumers notice any changes. Once the deal is finalized, Philips has agreed to let Bridgefield Capital/Emergency Care Holdings use the Philips brand name when manufacturing, selling and marketing of these devices for up to 15 years.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.