Drive Medical acquires Dr. K International

Sunday, November 9, 2003

November 10, 2003

PORT WASHINGTON, N.Y. - Drive Medical Design & Manufacturing has entered into an agreement to acquire Dr. K International Trading Co., a manufacturer of durable medical products located in Los Angeles, Calif.

The principals of Dr. K, Ara Karamanoukian and Michael Serhan, will join the executive management team of Drive Medical. The acquisition is scheduled to close on or about December 15, 2003.

This acquisition represents the fourth acquisition by Drive Medical over the past two years. In September, the company acquired Wenzelite, a manufacturer of rehabilitation equipment.

Harvey P. Diamond, president and CEO of Drive Medical, stated that the “strategic acquisition of Dr. K will enhance our presence throughout the United States by providing greater distribution capabilities on the West Coast, and a complementary product line to our existing product offering.”

The acquisition will enable the combined company to service its national accounts with greater efficiencies, he added.

The products of Drive Medical and Dr. K include wheelchairs, hospital beds, bathroom safety products, ambulatory products, respiratory equipment, electrotherapy equipment and power wheelchairs. Drive Medical/Dr. K will continue to manufacture all of the unique products which the customers of both companies have become accustomed to in the past.

The customer service centers of Drive Medical and Dr. K will remain fully operational following the completion of the acquisition. Upon completion of the transaction, the sales representatives of Drive Medical and Dr. K will continue to represent their respective product lines.

According to Diamond, “the acquisition will enable Drive Medical/Dr. K to compete more effectively with the industry leaders, Invacare and Sunrise Medical.”