Invacare Forges Cooperation Agreement With Azurite Management

Invacare Corporation has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC, which currently owns approximately 10.3% of the company’s outstanding shares as of June 30. As part of the agreement, Invacare appointed two new independent directors, Steven H. Rosen and Ambassador Edward F. Crawford.

Rosen will serve on the company’s Audit and Compensation and Management Development Committees, and Crawford will serve on the company’s Nominating and Governance Committee.
 
“Following constructive dialogue and collaboration with Azurite, we are pleased to strengthen our board with the addition of Mr. Rosen and Ambassador Crawford. They bring a wealth of experience in operations and business transformation, and their familiarity with Invacare’s history will be invaluable. We look forward to collaborating with them on ways to accelerate our business evolution and enhance profitability,” said Matt Monaghan, chairman, president, and CEO.

As a result of other business commitments, Julie A. Beck and Stephanie L. Fehr have resigned from the board; the governing body now has eight directors, seven of whom are independent.. The company remains committed to appointing at least one director who is racially and/or ethnically diverse by the next annual meeting.

“I would like to thank Julie and Stephanie for their exemplary service to Invacare and wish them the best in their future endeavors,” Monaghan said.  

Rosen currently serves as co-founder and co-CEO of Resilience Capital Partners LLC, a private equity firm based in Ohio, where he is involved with all aspects of Resilience Capital’s operations, including developing and maintaining relationships with investors and investment intermediaries and the firm’s strategic planning efforts. Rosen has a wide range of experience in operations, strategic planning and assisting companies undergoing strategic transformation. He was a director of Zanite Acquisition Corporation from 2020 to May 2022, and has been a director at Park-Ohio Holdings Corp since 2011, Crawford United Corporation since 2012 and AmFin Financial Corporation since 2018. Rosen is a member of many professional organizations, including the Turnaround Management Association and the Young Presidents Organization and as an inventor, has been granted 11 patents by the U.S. Patent and Trademark Office.

Rosen graduated from the University of Maryland and earned an MBA from the Weatherhead School of Management at Case Western Reserve University. 
 
Crawford currently serves as a board member of Park-Ohio Holdings Corp., a public company based in Ohio and previously served as its chairman and CEO from 1998 until 2018, and president from 1997 to 2003. He also has served as board chairman of Crawford United Corporation since 2021 and previously served on its board from 2012 to 2019. Crawford served as the U.S. Ambassador to Ireland from 2019 to 2021. He serves as a member of the Board of Advisors at Resilience Capital Partners LLC. Crawford has extensive experience in strategic planning and operations, as well as knowledge of public and private company strategy.

“Ambassador Crawford and I are excited to join Invacare’s Board of Directors, and work with the board and management team to drive operational improvements which will enhance both shareholder value and Invacare’s leadership position,” said Rosen.

Under the terms of the cooperation agreement between Invacare and Azurite, Azurite has agreed to customary standstill, voting and other provisions. 

Invacare Corporation is a manufacturer and distributor of medical equipment used in non-acute care settings. The company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric) ailments. The company sells its products principally to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health services in North America, Europe, and Asia/Pacific.