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Invacare Corp Announces Sale of Champion Manufacturing, Inc


Wednesday, 7 Aug 2013 05:44pm EDT 

Invacare Corp announced that it has completed the sale of Champion Manufacturing Inc. (Champion), its domestic medical recliner business for dialysis clinics, for approximately $45,000,000 in cash, subject to certain post-closing adjustments. This divestiture is consistent with Invacare's focus on its globalization strategy to harmonize core global product lines and reduce complexity within its business. Subject to certain post-closing adjustments and any restructuring charges, Invacare preliminarily estimates that it will realize net proceeds from the sale of the Champion business of approximately $43,000,000, net of tax and expenses. Invacare will use the proceeds to reduce debt outstanding under its revolving credit facility. Net sales for the Champion business were approximately $22.1 million for 2012 and $12.8 million for the six months ended June 30, 2013. Earnings before interest, taxes, depreciation and amortization were approximately $5.5 million for 2012 and $3.1 million for the six months ended June 30, 2013. SunTrust Robinson Humphrey acted as exclusive financial adviser and Calfee, Halter & Griswold LLP acted as legal counsel to Invacare Corporation in the transaction. 

Company Quote

20.56
-0.12 -0.58%
4:03pm EDT