Rockwood Equity Partners has acquired Altimate Medical from Invacare in a transaction worth $23m.
The transaction is subject to $1m escrow arrangement and certain post-closing adjustments, according to Invacare.
Altimate manufactures stationary standing assistive devices, which will be used in patient rehabilitation.
Invacare noted that it will use the proceeds to reduce debt outstanding under its revolving credit facility.
Invacare interim president and CEO Robert Gudbranson said: ”Altimate is a strong business, but it is outside of firm’s core North America and home medical equipment product portfolio.
"I am grateful to the associates at Altimate for the contributions that they have made to Invacare. The net proceeds from this divestiture give us the opportunity to strengthen our balance sheet through the continued reduction of debt," Gudbranson added.
Invacare, which manufactures and distributes home and long-term care medical products, has market presence in around 80 countries.