Wellspring Capital Management has acquired National Seating & Mobility (NSM), a provider of complex rehab technology (CRT) solutions for individuals with permanent or long-term mobility loss, from Ridgemont Equity Partners.
Financial terms of the transaction have not been disclosed.
Headquartered in Nashville, Tennessee, NSM provides CRT solutions that assist with loss of mobility due to trauma, physical abnormality, structural defect or disease. NSM designs and assembles customised wheelchairs and adaptive seating systems that play an essential role in improving the lives of patients by enhancing their functionality, maximising their independence and providing an ability to participate in the community. Operating through a network of more than 135 rehab technology specialists (RTSs) in 68 branches located across 30 states, NSM provides CRT solutions tailored to the unique needs of each patient.
NSM was founded in 1992 by Mike Ballard who will continue to serve as president and chief executive officer under Wellspring’s ownership. Ballard’s management team will also remain in their current positions.
William F Dawson, Jr, a managing partner of Wellspring, says: "The acquisition of National Seating & Mobility is an exceptional opportunity to invest in an industry leader in a highly fragmented market."
Ballard says: "We are very pleased that Wellspring is investing in our company at this exciting time for our business. Wellspring has a long track record of partnering with management teams to grow businesses, and its strategic and financial support will enhance NSM’s ability to build on its outstanding historical growth and gain market share. Importantly, Wellspring embraces our unique culture and best-in-class business model that empowers RTSs. Personally, I am delighted to continue as NSM’s CEO and largest individual shareholder. Our team looks forward to working closely with our new owners to build the value of our business and continue providing outstanding service to meet the unique needs of patients."
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Wellspring with respect to the transaction, and Alvarez and Marsal Transaction Advisory Group provided finance, accounting and tax advice.
Edgeview Partners served as financial adviser to NSM.
