Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Rachel Butt

Shubham Saharan

Drive DeVilbiss Healthcare has been working with a banker on a sale process that could involve selling its assets piecemeal or as a single entity, according to 9fin sources.

The CD&R-backed company has received preliminary bids and is aiming for a valuation of about 10x-12x EBITDA, sources said.

Its LTM EBITDA is in the $130m-$140m range, against roughly $650m of net first lien debt, $300m of preferred equity and common equity, sources said. Recently, Drive completed a deal in which more than 95% of its first lien debtholders agreed to extend maturity by a year through 1 June 2026, according to Moody’s note on 21 June.

Drive also went through an out-of-court restructuring in 2019, in which sponsor C&DR injected $35m in fresh cash and existing first and second lien lenders agreed to push out debt maturities.

Based in New York, Drive manufactures and distributes medical equipments including wheelchairs, walkers and respiratory products. Demand for the company’s respiratory units grew during the pandemic and helped boost its performance, one of the sources said.

As of 31 March, Drive’s revenues reached roughly $949m, Moody’s said. Quotes on the company’s first lien loanrose to around 98.5 cents on the dollar, from 79.5 at the beginning of the year, according to 9fin data.

The company is compared to Medline, though the latter has a bigger scale and is more diversified, sources said.

Drive has used M&A to expand its product lines and geographic reach, including the acquisition of respiratory and sleep products manufacturer DeVilbiss Healthcare in 2015.

A representative at Drive didn’t respond to request for comment, while CD&R declined to comment.

Explore our news and analysis for our latest scoops and in-depth analysis.

CD&R’s Drive DeVilbiss Healthcare explores sale

Alessandro Albano

European LevFin Wrap — Kicking the can down to October

Owen Sanderson

Excess Spread — Horsing around, greener pastures, whatever it takes

Jemima Denham

Taking the Credit — Clubbing in Paris

Michelle D'Souza

Sam Robinson

Shenkman at the vanguard of CBO revival amid rate expectations

Turbocharge your trading desk P&L, with the market's fastest news alerts.

Sales & Trading

Save time, react faster to news, outperform your peers.

Asset Managers & Hedge funds

Save time, pitch more efficiently, and win business.

Investment Banks

Spot novel covenants, save time drafting and win business.

CD&R’s Drive DeVilbiss Healthcare explores sale

Read all our public content for free

Recently Published

European LevFin Wrap — Kicking the can down to October

Excess Spread — Horsing around, greener pastures, whatever it takes

Taking the Credit — Clubbing in Paris

Shenkman at the vanguard of CBO revival amid rate expectations

What are you waiting for?

Cookies & Privacy