NEW YORK, Aug. 30, 2016 /PRNewswire/ -- Clayton, Dubilier & Rice ("CD&R") announced an agreement today under which CD&R-managed funds will make a significant equity investment alongside existing management in Drive DeVilbiss Healthcare ("Drive"), a global manufacturer of medical products. Terms of the transaction were not disclosed.

Formed in 2000, Drive has become a leading manufacturer of medical products with a strong and consistent track record of growth achieved both organically and through acquisitions. The company's high-quality, diverse product portfolio, channel footprint and global operating scale were strategically built by its executive leadership team to take advantage of favorable underlying demographic and industry trends. Drive's products include a full suite of mobility, respiratory, sleep, bath and personal care, specialty beds, pressure prevention, rehabilitation and other related products, and are sold into the homecare, long-term care, retail and e-commerce channels. Drive serves a customer base of more than 15,000 dealers, home healthcare providers, healthcare distributors, retailers and e-commerce companies and sells its branded products in more than 80 countries around the world.

"Drive's management team has done an exceptional job of identifying and capitalizing on the increasing demand for its products across multiple channels," said CD&R Partner Richard J. Schnall. "We intend to play a constructive role by supporting a very talented management team as it continues to grow the business organically and through acquisitions, pursue operational excellence and serve its customers with the highest quality products."

Since 2002, Drive has completed 25 acquisitions that have expanded its product portfolio, geographic reach and manufacturing capabilities. In July 2015, Drive completed the transformational acquisition of DeVilbiss Healthcare, a global manufacturer of respiratory and sleep products. The acquisition provided Drive with a strong platform and a significant cross-selling opportunity in the fast-growing respiratory and sleep market segments, while increasing the company's manufacturing capabilities and its market presence around the world. Since the successful integration of DeVilbiss, Drive has operated under the name of Drive DeVilbiss Healthcare.

Derek Strum, CD&R Principal, added: "We believe Drive has substantial runway for continued organic growth given the company's strong value proposition, partnership approach with its customers and significant product breadth. Drive also has a strong pipeline of acquisitions, which should result in continued robust growth in the years ahead."

"We look forward to partnering with CD&R and tapping into the Firm's capabilities as we continue to execute our strategy based on expanding our product lines and geographic reach, providing rewarding career opportunities, and, most importantly, enhancing the quality of life of the people we touch," said Harvey Diamond, Chairman and Chief Executive Officer of Drive.

Richard Kolodny, President of Drive, said, "As successful as we have been since our founding in 2000 and with the support we received from Ferrer Freeman & Company over the past eight years, we believe that our growth story is just beginning. With CD&R as our partner, we are confident that we will realize the full potential of the company."

CD&R has obtained committed financing from Barclays, JPMorgan Chase Bank, N.A., Citigroup Global Markets, Inc., Capital One, National Association and HSBC Securities (USA) Inc. Barclays, J.P. Morgan Securities LLC and Citi acted as financial advisors and Debevoise & Plimpton LLP acted as legal advisor to CD&R in connection with the transaction, which is expected to close in the fourth quarter of 2016.  Drive's financial advisor was Robert W. Baird & Co., and its legal advisor was Bryan Cave LLP.

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of $22 billion in 70 companies representing a broad range of industries with an aggregate transaction value of more than $100 billion. The Firm's healthcare-related investments include VWR International, a provider of laboratory products and services; AssuraMed, a distributor of specialty medical products into the home; Envision Healthcare, a provider of facility-based physician services and medical transportation services; PharMEDium, a provider of hospital pharmacy-outsourced sterile compounding services; Healogics, a provider of advanced wound care services; and Vets First Choice, a provider of pharmacy and other value-added services for veterinary practices. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.

About Drive DeVilbiss Healthcare

Headquartered in Port Washington, New York, Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Currently, the company has corporate offices, manufacturing facilities and distribution facilities located throughout the United States, Canada, the United Kingdom, France, Germany, China, Hong Kong, Romania, Australia, the Netherlands and India. The company markets its products to customers located throughout the United States, Europe, Canada, Mexico, South America, Latin America, the Middle East and Asia. For more information, visit www.drivemedical.com.

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