Tag: Drive Medical
In brief: SoClean complaint, Drive recall, Woman of the Year announcement
December 10, 2021HME News Staff
PETERBOROUGH, N.H. – SoClean has filed an amended complaint in its lawsuit against Philips that takes into account a new inspection report from the U.S. Food and Drug Administration.
The company highlighted the following points in the amended complaint:
“Philips has known for years that the company’s products created a serious risk of harm to consumers.”
“The FDA report also confirmed that Philips had been receiving customer complaints...
In brief: Mum's still the word at CMS, Drive makes buy
January 13, 2017HME News Staff
WASHINGTON - Industry stakeholders were still waiting for word from CMS at press time on Friday on how the agency plans to retroactively delay a second round of reimbursement cuts in non-competitive bidding areas.The recently passed 21st Century Cures Act included a provision to retroactively delay the cuts from July 1, 2016, to Jan. 1, 2017.When CMS had to delay its plans to apply bid pricing to accessories for complex power wheelchairs at the last-minute per a bill signed into law on Dec. 28, the...
Capitala Finance exits investment in Drive Medical
January 6, 2017HME News Staff
CHARLOTTE, N.C. - Capitala Finance Corp. has exited its investment in Medical Depot, doing business as Drive Medical, netting a realized gain of about $5 million with a cumulative cash-on-cash return of 4.7x, it has announced. “Our investment was a great opportunity to work with an excellent management team that was passionate about their mission, fully knowledgeable of their market space and was able to effectively execute multiple, complex, international acquisitions in a short timeframe,”...
In brief: Drive explains sale, ResMed and F&P trade lawsuits
August 19, 2016HME News Staff
PORT WASHINGTON, N.Y. - Drive Medical has sent a letter to its customers in response to reports that private equity firm Clayton, Dubilier & Rice is close to buying the company.Drive Medical, which currently calls private equity firm Ferrer, Freeman & Co. a minority stockholder, seeks additional equity capital to continue its growth strategy, the Aug. 12 letter states.“Given the company's position within the healthcare industry, its prospects, multiple channels of growth and acquisition strategy,...
Drive Medical: 'It is business as usual'
August 16, 2016HME News Staff
PORT WASHINGTON, N.Y. - Drive Medical has sent a letter to its customers in response to reports that private equity firm Clayton, Dubilier & Rice is close to buying the company.Drive Medical, which currently calls private equity firm Ferrer, Freeman & Co. a minority stockholder, seeks additional equity capital to continue its growth strategy, the Aug. 12 letter states.“Given the company's position within the healthcare industry, its prospects, multiple channels of growth and acquisition strategy,...
In brief: PE firm buys NSM, another firm close to buying Drive
August 12, 2016HME News Staff
FRANKLIN, Tenn. - National Seating & Mobility has entered into a definitive purchase agreement with Court Square Capital Partners, a New York-based private equity firm.Court Square Capital Partners will buy NSM from Wellspring Capital Management, also a New York-based private equity firm, which bought the company in December 2012.“This is an exciting time for NSM and we're very pleased that Court Square is investing in our company,” said CEO Bill Mixon in a press release. “Court...
Moneyline: Drive Medical seeks buyer, EZ-Access makes buy
June 3, 2016HME News Staff
PORT WASHINGTON, N.Y. - Drive Medical has hired an investment bank to explore and carry out a potential sale of the company, according to PE Hub.Drive Medical, which is partly owned by the private equity firm Ferrer, Freeman & Co., has hired Robert W. Baird & Co. to explore a sale that could value the company at more than $1 billion with debt, PE Hub reported on June 1.The company generated EBITDA of about $95 million in 12 months, it reported.The sale could take the form of a majority or minority...
Drive Medical seeks buyer
June 2, 2016HME News Staff
PORT WASHINGTON, N.Y. - Drive Medical has hired an investment bank to explore and carry out a potential sale of the company, according to PE Hub.Drive Medical, which is partly owned by the private equity firm Ferrer, Freeman & Co., has hired Robert W. Baird & Co. to explore a sale that could value the company at more than $1 billion with debt, PE Hub reported on June 1.The company generated EBITDA of about $95 million in 12 months, it reported.The sale could take the form of a majority or minority...
Reporter's notebook: The year in most read stories
January 22, 2016Liz Beaulieu, Editor
YARMOUTH, Maine - All eyes were on the big guns—Drive Medical, Invacare, Inogen and ResMed—in 2015.Or so it would appear, according to the five most read vendor stories for the year.Drive Medical took the No. 1 spot with its acquisition of DeVilbiss Healthcare. This deal culminated a busy 2015 for Drive: It had already made a handful of other deals throughout the year. With DeVilbiss and some of the other acquisitions it has made in the rehab market, Drive is clearly trying to up its...
The year's most read vendor stories
January 6, 2016Liz Beaulieu, Editor
All eyes were on the big guns—Drive Medical, Invacare, Inogen and ResMed—in 2015.
Or so it would appear, according to the five most read vendor stories for the year.
Drive Medical took the No. 1 spot with its acquisition of DeVilbiss Healthcare. This deal culminated a busy 2015 for Drive: It had already made a handful of other deals throughout the year. With DeVilbiss and some of the other acquisitions it has made in the rehab market, Drive is clearly trying to up its clinical game. That's...