SUNRISE MEDICAL ANNOUNCES ACQUISITION OF MAGIC IN MOTION, INC.
TORRANCE, Calif., Nov. 16 ~PRNewswire~ -- Sunrise Medical Inc. (NYSE: SMD) announced today the acquisition of Magic in Motion, Inc. a manufacturer of specialty wheelchairs and sports products for the disabled, located in Kent (Seattle), Washington. Magic in Motion produces the Shadow sports product line, including racing wheelchairs, mono snow skis, water skis and hand-driven bicycles for the disabled. The company also makes lightweight, non-folding wheelchairs for everyday use out of chrome-moly, a particularly rigid material. With current sales of $1.5 million, Magic in Motion has achieved an annual growth rate of 44 percent compounded over the past three years. It will be integrated immediately into Quickie Designs, Sunrise Medical's custom wheelchair division, and marketed by the Quickie salesforce under the name Shadow Products. The purchase price was not disclosed. Magic in Motion was founded in 1978 by Jim Martinson, a double above the knee amputee, who lost his legs during a land mine explosion in Vietnam. Jim has been a visible personality and internationally known disabled athlete for more than a decade, having most recently won a gold medal in downhill skiing at the 1992 Winter Paralympics in France. Jim has remained actively involved in product design and marketing, while his partner, Ron Evezich, has served as Magic in Motion's president. Quickie Designs has signed employment agreements with both Evezich and Martinson, and intends to continue product design and manufacturing at the Kent facility. Evezich will serve as Quickie vice president and general manager of Shadow Products, reporting to Tom O'Donnell, president of Quickie. "The Shadow product-line fits perfectly with Quickie's products and distribution channels, positioning Sunrise Medical as the complete wheelchair and sports products company," explained Richard H. Chandler, chairman and president of Sunrise Medical Inc. "We believe recreational products for the disabled represent a tremendous growth opportunity, and Magic in Motion has the most innovative and best known products in this field. Until now, only small independent companies have manufactured sports products, with no effective distribution, selling them primarily through catalogs or at end user trade shows. With Quickie's strong marketing and dealer network, we expect to enlarge this market and contribute to an improved quality of life for a greater number of disabled. Magic in Motion gives us a team of experienced people committed to this field, inspired by Jim Martinson, one of the leading athletes in the history of disabled sports. While we already manufacture three wheeled racing chairs at our Sopur division in Germany, this will give us our first US-made racers, as well as a broad line of other sports products. Over fifty Sunrise-equipped athletes won medals at the recent Barcelona Paralympics, and we expect that number to increase substantially at the X Paralympics in Atlanta in 1996." Sunrise Medical designs, manufactures and markets internationally medical products used in the rehabilitation and recovery phases of patient care. Products include custom manual and power wheelchairs, ambulatory and bath safety aids, patient-room beds and furnishings, and therapeutic mattresses for the management of pressure sores. Sunrise products are designed to meet the special needs of three groups of people: the disabled, the elderly, and the recovering patient. -0- 11~16~92 ~CONTACT: Ted N. Tarbet (financial) or Lisa Riordan (media) of Sunrise Medical, 310-328-8018; or Susan Noonan of Noonan~Russo Communications, 212-979-9180, for Sunrise Medical~ (SMD)
CO: Sunrise Medical Inc.; Magic in Motion Inc. ST: California IN: HEA SU: TNM
JB-LS -- LA007 -- 1350 11~16~92 13:59 EST
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|Date:||Nov 16, 1992|
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