Invacare sells recliner business
ELYRIA, Ohio – Invacare announced Aug. 6 that it has completed the sale of Champion Manufacturing Inc., its domestic medical recliner business for dialysis clinics, for about $45 million in cash, subject to certain post-closing adjustments.
The buyer: Los Angeles-based private equity firm Levine Leichtman Capital Partners.
The sale is consistent with the Invacare’s globalization strategy to harmonize core global product lines and reduce complexity within its business, according to a press release.
“The net proceeds from this divestiture also give us the opportunity to strengthen our balance sheet through the continued reduction of debt,” stated President and CEO Gerry Blouch in the release.
Net sales for Champion were about $22.1 million for 2012 and $12.8 million for the six months ended June 30, 2013. EBITDA: $5.5 million for 2012 and $3.1 million for the six months ended June 30, 2013.
SunTrust Robinson Humphrey acted as exclusive financial adviser and Calfee, Halter & Griswold LLP acted as legal counsel to Invacare in the transaction.