White Oak supports Invacare’s growth
By HME News Staff
Updated 9:32 AM CDT, Tue June 20, 2023
NEW YORK – White Oak ABL and White Oak Commercial Finance, the asset-based lending affiliates of White Oak Global Advisors, provided a $40 million North America ABL credit facility to Invacare Holdings Corp., it announced today.
The $40 million ABL Facility was part of Invacare’s larger financial restructuring, which allowed the company to emerge from a voluntary pre-arranged bankruptcy and continue to pursue its goals in its core lifestyle and mobility & seating product categories.
“We are pleased to have secured the ABL Facility which provides additional flexibility for the North American business, as we focus on executing our global transformation plan,” said Geoffrey P. Purtill, president and CEO. “We believe the company is well-positioned to capitalize on global tailwinds in the markets we serve.”
Invacare, as well as its two U.S. subsidiaries, Freedom Designs and Adaptive Switch Laboratories, successfully emerged from Chapter 11 bankruptcy on May 5.
White Oak is excited to partner with Invacare and support the company’s long-term growth plans, says Tom Otte, head of ABL.
“With this strategic partnership, White Oak has once again demonstrated its ability to develop tailored ABL solutions to support the operations and sustained growth of middle market businesses,” he said.
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