An investor group that includes Vestar Capital, Park Avenue Equity Partners and GoldPoint Partners has sold DeVilbiss Healthcare to Drive Medical. No financial terms were disclosed. Based in Somerset, Pennsylvania, DeVilbiss is a maker of respiratory and sleep products.
NEW YORK, NEW YORK – July 2, 2015 – Vestar Capital Partners (“Vestar”), a leading U.S.-based private equity firm, today announced that an investor group which included affiliates of Vestar, Park Avenue Equity Partners, and GoldPoint Partners, as well as senior management of DeVilbiss Healthcare (“DeVilbiss”) has sold DeVilbiss to Drive Medical, effective July 2, 2015.
Terms of the transaction were not disclosed. DeVilbiss, headquartered in Somerset, PA, is a global manufacturer of respiratory and sleep products distributed in more than 80 countries throughout the world. Drive Medical is one of the fastest-growing manufacturers of durable medical equipment in the healthcare industry. Drive’s corporate headquarters are located in Port Washington, NY, and has manufacturing and distribution facilities located throughout North America, Europe and Asia.
“We have been pleased with our investment in DeVilbiss to date and our partnership with CEO Ed Murphy and his dedicated management team,” said Chris A. Durbin, Managing Director, Vestar. “Going forward, we are confident that the new combined Drive team will take DeVilbiss to the next level in the global markets.”
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm currently managing approximately $5 billion in capital. Specializing in management buyouts and growth capital investments, Vestar invests and collaborates with incumbent management teams and private owners in a creative, flexible and entrepreneurial way to build long-term enterprise value. Vestar has extensive experience investing across a wide variety of industries including Consumer, Healthcare, Diversified Industries, and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 70 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com.