- Monday, April 05, 2010
Somerset, PA. — DeVilbiss Healthcare (“DeVilbiss”) announced today that it has completed its separation from Sunrise Medical and will become an independent Company, effective April 2nd.
While DeVilbiss has operated as a separate division since July 2007 with its own sales force, brands, and products, it will officially be an independent company as of today. DeVilbiss will focus on continuing its growth in respiratory and sleep products with its own independent management team, financing, and board of directors.
“Today, we begin a new and exciting chapter in our 125 year history,” Alan Panzer, President and CEO of DeVilbiss Healthcare said. “As an independent growth company, we will have the ability to singularly focus on our customers, consumers, and associates. Additionally, we now have a capital structure that affords us the opportunity to aggressively evaluate acquisition opportunities both in Europe and in North America.”
“Our strategy is to focus on our heritage of serving customers with the highest quality, innovative products in respiratory, sleep therapy and other adjacencies. We have already strengthened our company with new highly regarded product launches in sleep, expanded our sales force, and revamped our supply chain to provide our customers with the highest quality products.”
Sunrise Medical will continue to provide specific shared services for an interim period to ensure a smooth separation for customers globally.
Existing investors including Vestar Capital Partners and Park Avenue Equity Partners will maintain controlling investment interests in both organizations, and will serve on the boards of directors of both companies.