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Invacare (NYSE:IVC) founders Malachi Mixon III and J.B. Richey II have made a $5 million donation to Case Western Reserve University that’s aimed at bolstering the university’s innovation initiatives.
The gift will go toward the establishment of a Richey-Mixon Building, which would include space for Case’s school of engineering, as well as space for startups and established companies to work collaboratively with representatives of the university, according to a statement from Case.
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Case officials are exploring locations for the building, including the possibility of renovating an existing facility.
In the late 1970s, Mixon led a group of investors that included Richey in a $7.8 million buyout that led to the formation of Invacare as a standalone company. Mixon served as Invacare’s CEO until last year, when he stepped down from that role, though he remains the home healthcare products company’s chairman. Richey is president of Elyria, Ohio-based Invacare’s technology division.
“For me, personally, this building is about honoring J.B. [Richey], who is a Case graduate and helped me build a business in this region through great engineering ideas,” Mixon said. “But beyond that, we want to be a part of helping the next generation of young people with vision take some risks and generate some companies and a new birth for Cleveland.”