Champion Manufacturing was acquired by LA-based private equity firm Levine Leichtman Capital Partners and Champion’s management. No financial terms were disclosed. SunTrust Robinson Humphrey served as advisor to Champion for the transaction while Madison Capital provided senior debt financing. Based in Elkhart, Indiana, Champion is a maker of seating products for the healthcare market.
BEVERLY HILLS, Calif., Aug. 8, 2013 /PRNewswire/ — Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has partnered with management to complete the acquisition of Champion Manufacturing, Inc. (“Champion”), a subsidiary of Invacare Corporation. Based in Elkhart, Indiana, Champion is a leading designer and manufacturer of seating products for the healthcare market. The Company’s product portfolio primarily consists of highly engineered medical recliners sold to outpatient, post-acute medical facilities for treatments such as hemodialysis, where patient comfort is of critical importance.
Champion is the third investment from Levine Leichtman Capital Partners SBIC Fund, L.P., a $225 million private equity fund. According to Lauren Leichtman, Co-Founder and CEO of LLCP, “Champion has a strong track record of growth since inception. With its leading position in the dialysis center market and growing position in similar healthcare markets, the company is ideally positioned to benefit from the continued strong growth within these market segments. We are excited to partner with the current CEO Doug Keeslar and the rest of the Champion senior management team and look forward to the continued growth of the business.”
Doug Keeslar, Champion’s Chief Executive Officer, commented, “I am very excited about partnering with LLCP as the company seeks to further strengthen its market position and fuel its next stage of growth. LLCP has a long history of being a value-added partner to its portfolio companies and I look forward to leveraging their strategic, financial and M&A expertise.”
Champion Manufacturing was advised by SunTrust Robinson Humphrey. Senior debt financing was provided by Madison Capital.
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $6.5 billion of institutional investment capital through private equity partnerships, distressed debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., and Levine Leichtman Capital Partners Private Capital Solutions II, L.P. Prior investments by Levine Leichtman Capital Partners include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group, and Quizno’s. For more information about Levine Leichtman Capital Partners, please visit www.llcp.com.