Medical supply company downplays article on possible sale
Following a Reuters article indicating Drive DeVilbiss may be sold to a firm for $750 million, the company sent a letter saying it was refinancing its credit to continue growth.
Reuters reported on August 10 that Clayton, Dubilier & Rice LLC was in “advanced talks” to acquire Drive DeVilbiss.
In its response, the company said it had partnered in 2008 with private equity firm Ferrer Freeman & Company to expand.
Today, “given the Company's position within the healthcare industry, its prospects, multiple channels of growth and acquisition strategy, the management team has decided to pursue a partnership with a larger private equity firm to replace Ferrer Freeman and provide the Company with significant capital to continue its growth strategy.”
A change in equity partnership would not impact customers, Drive Devilbiss said.