Versa Capital Management’s affiliates completed the acquisition of the assets and business of SynCardia Systems after receiving court approval in the District of Delaware. SynCardia will continue to be headquartered in Tucson and led by President and CEO Michael P. Garippa.

The company emerged from Chapter 11 on September 16.

“We are very pleased to have secured a strong financial partner in Versa Capital,” Garippa said. “With a strengthened balance sheet, we now face a new future in which we can broaden and deepen our work to benefit the thousands of people who will require the SynCardia Total Artificial Heart (TAH-t) and Freedom driver and particularly to accelerate our work on the Freedom II driver that promises significant upgrades for patient comfort and daily living.”

“SynCardia is the unrivalled global leader in the artificial heart market, representing over 95% of all artificial hearts ever implanted,” said Gregory L. Segall, chairman and CEO of Versa. “We are excited to work with Michael and his team to fully implement their vision for supporting this critically important and valuable product and market. SynCardia now has the capital and other resources necessary to realize its full potential, including the development of the next generation of Freedom drivers, and accelerate their growth trajectory here in the U.S. and around the world.”

Philadelphia-based Versa Capital Management is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management.