Drive closes on $35M in capital
By HME News Staff
Updated Fri October 4, 2019
PORT WASHINGTON, N.Y. - Drive DeVilbiss Healthcare has successfully closed on a deal that will give it $35 million in new capital. The transaction, first announced Sept. 20, also reduces its cash debt service obligations from its current lenders of approximately $100 million over the next two and a half years. “This transaction provides the improved capital structure and new funding required to fuel the execution of Drive's business plan,” said Bob Gilligan, CEO. The Wall Street Journal reported on Sept. 4 that Medical Depot, which operates Drive DeVilbiss, had begun restructuring talks with its senior lenders on $600 million in debt. Drive DeVilbiss has been owned by Clayton, Dubilier & Rice, a New York-based private equity firm, for the past three years.
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