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Drive DeVilbiss acquires leading Canadian DME brands

BY David Salazar
PORT WASHINGTON, N.Y. — Drive DeVilbiss Healthcare on Monday announced that its subsidiary, Drive Medical Canada, had acquired AMG Medical’s mobility and bathroom safety DME business. The terms of the deal were not disclosed. 
 
The acquired brands — Hugo, Profilio, AquaSense and Airgo — are Canada’s premier DME brands and are marketed and distributed through the country’s major wholesalers, pharmacies and homecare dealers. 
 
“This is a strategic acquisition for Drive Medical Canada,” Drive chairman and CEO Harvey Diamond said. “Adding these well-known brands to the Drive family of products provides us with brand leverage and distribution into all major wholesalers, retailers and homecare dealers throughout Canada. In addition, we look forward to promoting these prestigious products to our customers in the United States and all over the world.” 
 
During a 90-day transition period, Drive Medical Canada and the acquired brands will operate independently until they are integrated. Drive DeVilbiss Healthcare said the acquisition will enhance Drive’s position in the market in Canada while adding recognizable products to the company’s portfolio. 
 
“We are delighted that our brands will be in the hands of one of the leading global manufacturers of medical products,” AMG Medical president Philip del Buey said. “Like AMG, Drive is dedicated to providing high-quality products and first-class service to our customers. By aligning these important brands with Drive, we foresee major growth for them.” 
 

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Report: Target pulling clown masks from its shelves

BY Gina Acosta

Target has pulled some clown masks from the shelves of many stores and online amid reports of clown threats nationwide.

According to ABC News, the retailer made the decision last week.

"Given the current environment, we have made the decision to remove a variety of clown masks from our assortment, both in stores and online," Joshua Thomas, a spokesperson for Target, said in an email statement to USA Today.

Read more about the move by clicking here.

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Supervalu to sell Save-A-Lot for $1.36 billion

BY David Salazar
MINNEAPOLIS — Supervalu on Monday announced that it would be selling its Save-A-Lot business to an affiliate of Toronto-based private equity firm Onex Corp. for $1.365 billion in cash. Supervalu and Save-A-Lot will enter into a five-year professional services agreement to go along with the sale, which is expected to be completed by Jan. 31, 2017. 
 
“Today’s announcement is the result of a thorough process to maximize the value of the Save-A-Lot business and best position Supervalu for future success,” Supervalu non-executive chairman Jerry Storch said “Supervalu is successfully executing on its long-term strategic vision and positioning the Company for continued growth and value creation. We are confident that this transaction will create exciting opportunities for both Supervalu and Save-A-Lot.”
 
The professional services will see Supervalu providing Save-A-Lot with certain day-to-day operational services and support functions, including cloud services, merchandising technology, payroll and finance services. Supervalu said it expects to use the net proceeds from the Save-A-Lot sale to prepay at least $750 million against its outstanding term loan balance, as well as to reduce its debt and improve its capital structure. The company said it also intends to use it to fund corporate and growth initiatives. 
 
“The sale of Save-A-Lot is another important step in Supervalu’s transformation. It provides us with a stronger balance sheet that will allow us to further build on our core strengths and growth opportunities,” Supervalu president and CEO Mark Gross said. “It has been a pleasure to work with the Save-A-Lot team, and, once this transaction is completed, I look forward to continuing to work with them as one of our largest professional services customers.”
 

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