NEW YORK – Wellspring Capital Management LLC (“Wellspring”) today announced that it has acquired National Seating & Mobility, Inc. (NSM), the nation’s premier 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 were not 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 customized wheelchairs and adaptive seating systems that play an essential role in improving the lives of patients by enhancing their functionality, maximizing their independence and providing an ability to participate in the community. Operating through the nation’s most extensive 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. Mr. Ballard’s experienced management team will also remain in their current positions.
William F. Dawson, Jr., a Managing Partner of Wellspring, said, “The acquisition of National Seating & Mobility is an exceptional opportunity to invest in an industry leader in a highly fragmented market.”
Alexander Carles, a Partner of Wellspring, said, “Over its 20-year history, NSM has established itself as a pioneer with a differentiated competitive position based on its mission-driven, RTS-centric model that delivers superior patient service and drives patient referrals. Under Mike Ballard’s leadership, it has grown and improved its business by associating with the best RTSs, investing in leading-edge information technology systems and expanding geographically. The business is well-positioned in the current regulatory environment and we are excited to partner with Mike and his team to continue growing the business through organic initiatives and strategic acquisitions.”
Mr. Ballard said, “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 LLP 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 advisor to NSM.
About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. For additional information, please visit www.wellspringcapital.com.
About National Seating & Mobility
National Seating & Mobility provides customized wheelchairs and adaptive seating systems for individuals who have been diagnosed as having a permanent or long-term loss of mobility due to trauma, physical abnormality, structural defect or disease. For more information, please visit the company’s website at www.nsm-seating.com.
KEKST AND COMPANY
Mark Semer / Micheline Tang