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Business Acquisitions
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Business Acquisitions
Business Acquisitions
On July 1, 2018, Avanos acquired CoolSystems, Inc., for $65 million in cash (the “Acquisition”). CoolSystems, Inc. is marketed as Game Ready® and is hereinafter referred to as “Game Ready.”
In connection with the pending Acquisition, we paid a deposit of $51.5 million in June 2018 to an exchange agent to facilitate the closing of the Acquisition. This deposit is included in the accompanying condensed consolidated balance sheet as “Restricted cash.”
Game Ready develops, manufactures and markets the Game Ready® product line, used in pain management and rehabilitation of patients recovering from orthopedic surgery or sports-related injuries. Its product line includes the GRPro® 2.1 cold and compression therapy system; Med4 EliteTM multi-modality therapy unit; ATX® Wraps; and a variety of product accessories, all of which complement our existing acute pain management portfolio.