Flexpoint Ford has acquired MobilityWorks, one of the nation’s leading providers of wheelchair accessible vehicles, in partnership with the company’s senior management team who will retain a significant ownership stake and continue to lead the company.
MobilityWorks markets and manufactures adaptive vehicles and accessibility products including wheelchair accessible minivans, full-size vans with lifts, and commercial fleet vehicles. The company has over 70 showroom locations in 24 states. MobilityWorks was founded in 1997 and is headquartered in Richfield, OH (www.mobilityworks.com).
The company’s TransitWorks division manufactures and distributes commercial wheelchair accessible vehicles including commercial shuttles, wheelchair accessible vans, transporters, and small buses for healthcare, fleet management, government contracts, hospitality, wheelchair transport, taxi, and many other industries. TransitWorks partners with Ford Motor Company, Dodge-Chrysler and Mercedes-Benz to upfit commercials vans into wheelchair accessible transportation. The division has more than 140,000 square feet of production space in Ohio, Kansas, and South Carolina (www.transit-works.com).
“We are thrilled to be teaming up with Flexpoint Ford,” said Bill Koeblitz, Founder and CEO of MobilityWorks. “We chose them as our institutional investment partner because of their proven track record of collaborating with founders in the healthcare and financial services sectors to accelerate growth. Most importantly, the team at Flexpoint Ford supports our culture with a relentless focus on outstanding care for our clients with disabilities.”
“MobilityWorks is ideally positioned as a leader in the accessibility industry, and we look forward to working with the company’s exceptional management team and many talented employees,” said Jonathan Oka, Managing Director of Flexpoint Ford. “Our investment will create several advantages for the company in this next exciting chapter of growth.”
Flexpoint Ford seeks to invest from $10 million to $100 million in companies operating in the healthcare and financial services sectors and has the ability to invest up to $200 million in a single transaction. The firm has raised more than $2.3 billion in capital and has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford was founded in 2005 and is based in Chicago with an additional office in New York (www.flexpointford.com).
Piper Jaffray & Co. (www.piperjaffray.com) was the financial advisor to MobilityWorks.
© 2018 Private Equity Professional | September 24, 2018
