Court Square Exits National Seating & Mobility

Court Square Capital Partners has agreed to sell National Seating & Mobility (NSM) to Cinven. Court Square acquired NSM in September 2016 from Wellspring Capital Management.

National Seating & Mobility designs, assembles, and provides customized wheelchairs and adaptive seating systems to individuals who have been diagnosed as having a permanent or long-term loss of mobility.

NSM operates through more than 250 Rehab Technician Specialist (RTS) employees, who have referral relationships with physicians and physical therapists. NSM has client service facilities and regional processing centers from Hawaii to New England and serves patients in every US state and in Canada. The company, led by CEO Bill Mixon, was founded in 1992 and is headquartered near Nashville in Franklin, TN (www.nsm-seating.com).

“This acquisition aligns with our company’s continued trajectory of growth, future business goals and, most importantly, our mission,” said Mr. Mixon. “Our partnership with Court Square these past three years has led to outstanding growth and significant technological and operational advancements. We look forward to exploring a future of possibilities for those we serve with Cinven and their team of global healthcare investment experts.”

“This is an attractive opportunity for Cinven to invest in NSM, a leading player in the complex rehab technology market in North America,” said Alex Leslie, a partner at Cinven. “NSM operates in an industry we have been evaluating deeply for several years through our work in the healthcare sector in both Europe and the US.”

Cinven invests in excess of €100 million of equity in companies with enterprise values typically greater than €300 million Sectors of interest include business services, financial services, healthcare, industrials, consumer, technology, media and telecommunications. The firm, founded in 1977, has nine international offices, including one in New York City, and is headquartered in London (www.cinven.com).

“We are looking forward to partnering with NSM’s highly experienced management team to accelerate the company’s growth, both organically and through strategic acquisitions,” said John Richardson, a senior principal at Cinven. “Cinven will invest significantly in the business to ensure that NSM remains at the forefront of providing best-in-class complex mobility solutions.”

Court Square, the seller of NSM, invests in middle-market companies that have enterprise values of $150 million to $1.5 billion. Sectors of interest include business services, general industrials, healthcare, and technology/telecommunications. The firm is based in New York (www.courtsquare.com).

The closing of this transaction is expected within the next 45 days.

© 2019 Private Equity Professional | October 4, 2019

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