Stryker Corp. (NYSE: SYK) is buying a medical devices portfolio company of Bain Capital Private Equity for $1.28 billion cash. The company, Physio-Control International Inc., makes monitors, defibrillators and CPR-assist devices, along with providing data management and support services.

Physio-Control, founded in 1955, had sales of $504 million for its fiscal year 2015, up 6% from 2014. Brian Webster is the company’s president and CEO. Chris Gordon, a Bain managing director, says that his firm expects the company’s research and development investments has positioned it for further growth with Stryker.

Physio-Control’s products and services fit well with the emergency medical services portfolio of Kalamazoo, Michigan-based Stryker, and it will help expand Stryker’s global customer base, Stryker reports.

The planned acquisition is Skryker’s third announced deal in February. The company is also planning to buy the neurosurgery tools portfolio of Synergetics USA Inc. (Nasdaq: SURG) of O’Fallon, Missouri, price undisclosed, and a medical and surgery products maker in Cary, Illinois--Sage Products LLC-- from Madison Dearborn Partners private equity firm for $2.78 billion.

Transactions in the medical services industry have been plentiful. Also in February, Medtronic plc (NYSE: MDT) announced it is buying kidney treatment company Bellco from the Italian PE firm Charme Capital Partners and TE Connectivity Ltd. (NYSE: TEL), a medical equipment maker, reported it is paying Permira Advisers, a buyout firm, $895 million cash for Creganna Medical, a health-care device company.

Other recent acquirers in the medical devices space include Conmed Corp. (Nasdaq: CNMD), a medical device company that announced in November that it is buying surgical equipment maker SurgiQuest Inc.; 3M Co. (NYSE: MMM), which bought Polypore International Inc. (NYSE: PPO) filtrations business for blood treatments and pharmaceuticals in October; and Boston Scientific (NYSE: BSX), which announced plans in November to buy CeloNova Biosciences' portfolio of medical devices for chemotherapy treatments.

The Physio-Control deal is expected to close at the beginning of the second quarter. Skadden, Arps, Slate, Meagher & Flom LLP is Stryker’s legal adviser on the deal, with Kirkland & Ellis LLP in the legal role for Bain. Citi and Jefferies LLC were financial advisers.

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