CHICAGO, IL--(Marketwired - Apr 12, 2016) - Kugman Partners provided governance services to Cardiac Science Corporation during the company's restructuring and Reorganization, with Brent Kugman serving as President, Treasurer and Board Member, and Trevor Toppen serving as Secretary and Board Member.
Cardiac Science Corporation, a leader in manufacturing of automated external defibrillators, was facing liquidity challenges as a result of excessive corporate overhead and appropriation of capital by its parent company. Subsequent to acquiring the Company's debt, the new senior secured lender exercised its default rights to elect a new slate of directors to oversee governance and management of the company.
Kugman Partners accepted Director and Officer appointments and immediately began directing efforts to support the company, undertaking numerous strategic initiatives to restore the business to health and ensure stability for its employees and other interested parties.
"We needed to assure employees and creditor constituencies that Cardiac Science Corporation was a sustainable organization," says Brent Kugman. "In essence, Cardiac Science Corporation was a good company constrained by previously poor stewardship at the parent level. We worked with the company's employees to stabilize operations, and then oversaw a public sale process that substantiated the value of the company and provided a true fresh start."
Under Kugman Partners' guidance, the company was successfully sold to a new entity affiliated with LA-based private equity firm Aurora Resurgence for value in excess of $100 million, through a 363 sale process under Chapter 11 of the Bankruptcy Code.
"Kugman Partners was instrumental in managing vendor, customer, and employee relationships during a difficult period and maximizing value to all constituents," says Sean Ozbolt, Partner at Aurora Resurgence. "We couldn't be happier with the professionalism and dedication of the Kugman team, which led to a stabilization of the business and, ultimately, a successful restructuring."
"Cardiac Science Corporation employs 200 employees internationally, and is now in a position to grow exponentially," adds Brent Kugman. "Being able to quickly assess a complex situation such as this one and deploy resources to oversee a successful restructuring are hallmarks of our organization, and I am personally very pleased to see how successful we were in working with management to secure the company's future."
Kugman Partners is a corporate advisory firm that specializes in restoring stability to middle-market and upper middle-market companies through acquisitions as well as renewal strategies, and providing corporate governance for companies in transition and those that are experiencing stressed or distressed financial and operating performance. Kugman Partners' comprehensive personalized solutions include capital investment and profit enhancement services. Kugman Partners pursues investment opportunities in select scenarios, including stressed and distressed assets, undermanaged portfolio companies, corporate carve-outs, and family businesses facing transitional challenges. Visit www.kugmanpartners.com or call Brent Kugman at 312.251.3430 for more information.