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January 19, 2013
11:30 EDTIVCInvacare completes sale of ISG with net proceeds from sale $146.6M
Invacare announced that it has completed the sale of its Invacare Supply Group, ISG, medical supplies business to AssuraMed of Twinsburg, Ohio, a leader in wholesale and home-delivered medical supplies across the United States, for a purchase price of approximately $150.8 million in cash, which is subject to final post-closing adjustments. Invacare estimates net proceeds from the sale of approximately $146.6M net of expenses. This transaction is consistent with Invacare's globalization strategy, allowing the Company to focus on its core equipment product lines. In line with its prior announcement of the transaction, the Company intends to use the proceeds from the sale to reduce debt outstanding under its revolving credit facility. The Company expects that this will better position it to accelerate new product development with selective acquisitions after it has completed its previously announced quality systems remediation at its corporate and Taylor Street manufacturing facilities in Elyria, Ohio
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