Houlihan Lokey Advises ARCHIMED on the Combination of Direct Healthcare Group and Invacare Holdings S.a.r.l. Backed by Rhône Group

Houlihan Lokey is pleased to announce that Direct Healthcare Group (DHG), a portfolio company of ARCHIMED, has agreed to be acquired by Rhône Group (Rhône). As part of the transaction, Rhône enters exclusive discussions to acquire Invacare Holdings S.a.r.l. (Invacare) simultaneously. The transaction was signed on 4 July 2025, with closing pending regulatory approvals and other customary closing conditions.

DHG is a market leader in designing and manufacturing pressure ulcer prevention and safe moving and handling medical devices that prevent and manage the impact of patients’ reduced mobility in post-acute and acute care settings. The company supports efforts to move health forward by delivering innovative and leading solutions for individuals whose lives are impacted by reduced movement. DHG strives to support its healthcare partners constantly, and the people whose healthcare needs they serve, working to keep improving the vital connections between movement and health, enabling accelerated recovery and healthy independence in daily living.

Invacare is a world-leading manufacturer and distributor of high-quality home healthcare and specialist mobility equipment and solutions dedicated to making life’s experiences possible for millions of people around the world. Invacare Holdings S.a.r.l. holds all Invacare EMEA and APAC businesses.

With offices in Europe, North America, and Asia, ARCHIMED is a leading investment firm focused exclusively on healthcare industries. Its mix of operational, medical, scientific, and financial expertise allows ARCHIMED to serve as both a strategic and financial partner to healthcare businesses. The firm helps partners internationalise, acquire, innovate, and expand their products and services, and manages €8 billion across its various funds.

Rhône is a global private equity firm with a focus on investments in businesses with an international presence. Rhône’s investment philosophy includes the development of strong, strategic partnerships with the companies it invests in. Rhône has a history of successful corporate carve-out transactions and working with entrepreneur and family-led businesses, and operates across offices in Europe and the U.S.

This strategic combination will bring together two complementary companies—each with established reputations for quality, clinical performance, and service—and a shared commitment to improving the daily lives of individuals living with reduced mobility. Together, Invacare and DHG will operate with an expanded global footprint and a broader product and service offering across mobility, pressure care, and rehabilitation, forming one of Europe’s leading providers in the post-acute mobility care sector. Customers and end-users across Europe will benefit from broader access to a comprehensive, high-quality product offering, combining Invacare’s strengths in manual and powered wheelchairs, including complex rehabilitation needs, with DHG’s expertise in pressure care and safe patient handling solutions.

“The combination of DHG and Invacare presents a compelling opportunity to deliver greater value to our customers and end-users,” said Graham Ewart, CEO of DHG. “By uniting our complementary portfolios, we can address both major and nuanced mobility challenges, whether moving from A to B or making critical small adjustments to repositioning. Backed by strong clinical evidence and measurable health economic outcomes, our solutions will continue to deliver real impact for individuals, caregivers, and healthcare systems.”

“We are thrilled with this proposed combination and new chapter for Invacare,” said Geoffrey Purtill, President and CEO of Invacare Holdings Corp. “Rhône’s investment and commitment to Invacare and our growth plan would enable us to further innovate and deliver high-quality products to continue our mission of Making Life’s Experiences Possible.”

“After accompanying DHG since 2019 and having quadrupled the size of the business over these past few years, ARCHIMED is thrilled with the opportunity to reinvest and to remain involved in the journey to build a European leader in the premium post-acute patient care market,” said Antoine Faguer, Partner at ARCHIMED.

“Rhône is pleased to partner with Invacare, DHG, and ARCHIMED in this next phase of growth. Both Invacare and DHG have a differentiated approach as an innovator in their distinctive product categories and in the geographies in which they serve their customers,” said Patrick Mundt, Managing Director at Rhône.

“We look forward to partnering with the talented teams in each company to help build on the strong existing foundation and support the combined company’s management team in driving the continued growth and development over the coming years,” continued Marianne Kirkegaard, Managing Director at Rhône.

Houlihan Lokey acted as the exclusive financial advisor to ARCHIMED.

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