Invacare (NYSE:IVC) sells its domestic manufacturer of patient rehab stationary standing assistive devices, Altimate Medical, to Rockwood Equity Partners for ~$23M in cash. Net proceeds after post-closing adjustments will be ~$21.7M.
IVC interim President and CEO Robert K Gudbranson says, "Altimate is a strong business, but it is outside of Invacare's core North America/Home Medical Equipment product portfolio. I am grateful to the associates at Altimate for the contributions that they have made to Invacare. The net proceeds from this divestiture give us the opportunity to strengthen our balance sheet through the continued reduction of debt."