Clayton Dubilier & Rice agreed to make a “significant equity investment” in medical products maker Drive DeVilbiss Healthcare. The target’s management is also investing alongside CD&R. Financial terms were not disclosed.

Drive Devilbiss, founded in 2000 and based in Port Washington, New York, produces wheelchairs, shower chairs, patient lifts and other medical mobility products through more than 15,000 dealers and health care providers. Drive acquired DeVilbiss in 2015.

“We intend to play a constructive role by supporting a very talented management team as it continues to grow the business organically and through acquisitions,” says CD&R partner Richard Schnall. The deal for Drive DeVilbiss follows up CD&R’s investments in sausage casings maker Kalle GmbH and Zest owner High Ridge Brands. 

An aging population has been driving health care deals. Frazier Healthcare agreed to buy a majority stake in Matrix Medical; Scintilla Pharmaceuticals has plans to buy Semnur Pharmaceuticals and TPG Captital said it will purchase Beaver-Visitec International.

J.P. Morgan Securities LLC (NYSE: JPM), Citigroup Inc. (NYSE: C), Barclays and Debevoise & Plimpton LLP are advising CD&R. Drive DeVilbiss is receiving advice from Robert W. Baird & Co. and Bryan Cave LLP.  JPMorgan Chase Bank NA, Citigroup, Capital One Financial Corp. (NYSE: COF), National Association and HSBC Securities are providing financing.