Achieves Record Annual Profit Growth
April 5, 2010 (Malsch, Germany and Longmont, Co.) — Sunrise Medical, Inc. (“Sunrise” or “Company”) announced today that it has successfully refinanced its existing Senior Secured Credit Facilities with the issuance of a new long-term €90 million Senior Secured Term Loan. In connection with the refinancing, the Company simultaneously announced the official separation of DeVilbiss Healthcare (“DeVilbiss”), Sunrise’s respiratory and sleep therapy division, into an independent company, effective April 2nd.
The refinancing follows the strongest growth year in the Company’s history, with annual growth in earnings before interest, taxes, depreciation and amortization exceeding 100%. Additionally, the Company has recently launched four new products including the highly regarded Q7 custom wheelchair line.
“This financing is an important and exciting step for Sunrise as we continue to execute our strategic growth plans.” Thomas Rossnagel, President and CEO of Sunrise Medical commented. “The refinancing of our senior secured facilities leaves us in a strong financial position to fund growth. This reorganization also allows Sunrise to pursue acquisitions in both Europe and North America. Our Premium Products and Services strategy will help in driving further growth in our business and delivering the highest quality products to our customers around the world.”
The refinancing allows Sunrise’s European business to become the sole borrower, leaving North America debt-free and fully funded for growth.
In conjunction with the refinancing, DeVilbiss Healthcare will operate as a separate, independent company, focused on its respiratory and sleep businesses. While DeVilbiss has been operating as a separate division since 2007, the refinancing will allow the company to officially standalone as its own entity with no debt and separate long-term financing.
Existing investors including Vestar Capital Partners and Park Avenue Equity Partners maintain controlling investment interests in both organizations, and will serve on the boards of directors of both companies. Management will also have an ownership stake in the companies.
About Sunrise Medical, Inc.
Sunrise is a world leader in the development, design, manufacture & distribution of manual wheelchairs, power wheelchairs, motorized scooters and both standard and customized seating & positioning systems. Sunrise manufactures products in its own facilities in the United States, Mexico, Germany, United Kingdom, Spain and China. Our key products, marketed under the Quickie, Sopur, Zippie, Breezy, Sterling and Jay proprietary brands, are sold through a network of homecare medical product dealers or distributors in over 130 countries. The Company is headquartered in Malsch, Germany with North American headquarters in Longmont, Colorado and employs 1,800 associates worldwide.
For more information about the company, please visit www.sunrisemedical.com.
About DeVilbiss Healthcare
DeVilbiss Healthcare is a world leader in the design, manufacture, and marketing of respiratory medical products that address the respiratory needs of patients in institutional and homecare settings. Primary product lines include oxygen therapy equipment, pulmonary drug delivery, and sleep apnea therapy. DeVilbiss products are manufactured in the United States, Europe and Asia and are distributed in more than 100 countries around the world. The Company is headquartered in Somerset, PA.
For more information about the company, please visit www.devilbisshealthcare.com.
Contacts:
Sunrise Medical:
Pete Whittle
[email protected]
DeVilbiss Healthcare:
Michael Panian
[email protected]
Owen Blicksilver Public Relations:
Kristin Celauro
[email protected]
