Levine Leichtman Capital Partners has partnered with management to complete the acquisition of Champion Manufacturing, a subsidiary of Invacare Corporation. Champion is the third investment from Levine Leichtman Capital Partners SBIC Fund, LP, a $225 million private equity fund.
Champion is a designer and manufacturer of seating products for the healthcare market. The company’s product portfolio primarily consists of highly engineered medical recliners sold to outpatient, post-acute medical facilities for treatments such as hemodialysis, where patient comfort is of critical importance. The company is based in Elkhart, IN (www.championchair.com).
“Champion has a strong track record of growth since inception. With its leading position in the dialysis center market and growing position in similar healthcare markets, the company is ideally positioned to benefit from the continued strong growth within these market segments,” said Lauren Leichtman, Co-Founder and CEO of Levine Leichtman. “We are excited to partner with the current CEO Doug Keeslar and the rest of the Champion senior management team and look forward to the continued growth of the business.”
Levine Leichtman Capital Partners manages approximately $6.5 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).
“I am very excited about partnering with Levine Leichtman as the company seeks to further strengthen its market position and fuel its next stage of growth. Levine Leichtman has a long history of being a value-added partner to its portfolio companies and I look forward to leveraging their strategic, financial and M&A expertise,” said Doug Keeslar, Champion’s Chief Executive Officer.
Champion Manufacturing was advised by SunTrust Robinson Humphrey. Senior debt financing was provided by Madison Capital.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13