Drive DeVilbiss: We’re Planning for New Owner
- By Laurie Watanabe
- Aug 15, 2016
Drive DeVilbiss Healthcare has confirmed that it is seeking a new owner “to continue our growth strategy.”
The Aug. 12 statement from Drive DeVilbiss followed Aug. 10 newswire reports, including one from Reuters, that said private equity firm Clayton Dubilier &
Rice was in “advanced talks to acquire Drive DeVilbiss, one of the largest U.S. wheelchair manufacturers, for about $750 million, including the assumption of debt.”
The Reuters report quoted unnamed sources and said negotiations had not been finalized.
In its Aug. 12 news release, Drive DeVilbiss acknowledged it had “decided to pursue a partnership with a larger private equity firm to replace Ferrer Freeman and provide the company with significant capital to continue its growth strategy.”
Ferrer Freeman & Company, another private equity firm, has been a Drive DeVilbiss investor since 2008.
Drive DeVilbiss said the change in investment partners “will have no effect on customers, our associates or on the business, except to make the company stronger for the future. The entire management team will continue to lead the organization and provide value to our customers.”
Drive DeVilbiss also said it has acquired 25 companies worldwide since its founding in 2000.
Laurie Watanabe is the editor of Mobility Management. She can be reached at email@example.com.