Clayton, Dubilier & Rice announced today the completion of the previously announced equity investment by CD&R-managed funds and existing management in Drive DeVilbiss Healthcare. Terms of the transaction were not disclosed.
The new partnership with CD&R will enable Drive to continue its organic growth strategy, as well as provide Drive with additional capital to pursue future acquisitions, which is expected to result in continued robust growth in the years ahead.
Formed in 2000, Drive has become a leading manufacturer of durable medical equipment with a strong and consistent track record of growth achieved both organically and through acquisitions. The company’s high-quality, diverse product portfolio, channel footprint and global operating scale were strategically built by its executive leadership team to take advantage of favorable underlying demographic and industry trends. Drive’s products include a full suite of mobility, respiratory, sleep, bath and personal care, specialty beds, pressure prevention, rehabilitation and other related products, and are sold into the homecare, long-term care, retail and e-commerce channels. Drive serves a customer base of more than 15,000 dealers, home healthcare providers, healthcare distributors, retailers and e-commerce companies and sells its branded products in more than 80 countries around the world.
Barclays, J.P. Morgan Securities LLC and Citi acted as financial advisors, and Debevoise & Plimpton LLP acted as legal advisor to CD&R in connection with the transaction. Drive’s financial advisor was Robert W. Baird & Co., and its legal advisor was Bryan Cave LLP.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of more than $22 billion in 72 companies representing a broad range of industries with an aggregate transaction value of more than $100 billion. The Firm’s healthcare-related investments include VWR International, a provider of laboratory products and services; AssuraMed, a distributor of specialty medical products into the home; Envision Healthcare, a provider of facility-based physician services and medical transportation services; PharMEDium, a provider of hospital pharmacy-outsourced sterile compounding services; Healogics, a provider of advanced wound care services; and Vets First Choice, a provider of pharmacy and other value-added services for veterinary practices. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.
About Drive DeVilbiss Healthcare
Headquartered in Port Washington, New York, Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Currently, the company has corporate offices, manufacturing facilities and distribution facilities located throughout the United States, Canada, the United Kingdom, France, Germany, China, Hong Kong, Romania, Australia, the Netherlands and India. The company markets its products to customers located throughout the United States, Europe, Canada, Mexico, South America, Latin America, the Middle East and Asia. For more information, visit www.drivemedical.com
