Kingswood Capital to acquire medical device company Drive DeVilbiss Healthcare from CD&R

Kingswood Capital makes an acquisition: ©Murrstock - stock.adobe.com

Kingswood Capital Management LP announced that it has signed a definitive agreement to acquire Drive DeVilbiss Healthcare from Clayton, Dubilier & Rice. Drive’s current management team will remain in place following the acquisition, which is expected to close later this year pending customary legal and regulatory approvals.

Founded in 2000, Drive DeVilbiss Healthcare is a global manufacturer and supplier of essential medical products primarily used in home settings. The company expanded its portfolio in 2015 with the acquisition of DeVilbiss Healthcare, a pioneer in respiratory care since 1888. Its product range now includes wheelchairs, beds, rollators, and a full line of respiratory products used in more than 100 countries.

“We are incredibly excited about our new partnership with Kingswood and are confident this new chapter for Drive DeVilbiss will be the most exciting yet,” said Derek Lampert, CEO of Drive DeVilbiss Healthcare. “Kingswood is fully aligned with the management team on the company’s future growth strategy.”

Kingswood, a private investment firm known for partnering with middle-market businesses, said it plans to leverage its network, capital base, and health care experience to help Drive expand its global reach.

“We have been impressed with the company’s tremendous growth and success in recent years, and we look forward to partnering with Derek and the rest of the Drive DeVilbiss management team to support the next phase of the company’s expansion,” said Michael Niegsch, Partner at Kingswood.

Alex Wolf, Founder and Managing Partner of Kingswood, said Drive is “well positioned for continued growth as a result of strong market tailwinds, organic growth initiatives, and actionable M&A opportunities.” He added, “We’re looking forward to leveraging our deep operational network and expertise to support the company as it continues to grow and provide solutions to customers and patients around the world.”

Drive emphasized its ongoing commitment to customer service and innovation. The company said it will continue to deliver “innovative healthcare solutions that enhance the quality of life of the people it touches.”

J.P. Morgan is serving as exclusive financial advisor to Kingswood, with Kirkland & Ellis LLP providing legal counsel. UBS Investment Bank is serving as exclusive financial advisor to Drive, and Debevoise & Plimpton LLP is acting as legal counsel to Drive and CD&R.