Invacare Corp. has sold dialysis chair company Champion Manufacturing to equity firm Levine Leichtman Capital Partners and Champion’s management team for $45 million in cash.
Gerald B. Blouch, Invacare president and CEO, said, ''As we continue to reduce complexity in our business and focus on our core global product lines for the home and long-term care setting, Champion's specialized focus on the domestic medical recliner business for dialysis clinics no longer fits that streamlined portfolio. The net proceeds from this divestiture also give us the opportunity to strengthen our balance sheet through the continued reduction of debt. I am grateful to the associates at Champion for the contributions that they have made to Invacare.'' Champion has been a subsidiary of Invacare since 2004.
Net sales for the Champion business were approximately $22.1 million for 2012 and $12.8 million for the six months ended June 30.
Levine Leichtman co-founder and CEO Lauren Leichtman said, “Champion has a strong track record of growth since inception. With its leading position in the dialysis center market and growing position in similar health care 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.”