The SCOOTER Store Secures Financing From a Sun Capital Partners Affiliate
New Strategic Partnership to Fuel Company's Growth and Potential Acquisitions Needed To Serve Growing Ranks of Senior Americans
Feb 02, 2011, 09:00 ET
NEW BRAUNFELS, Texas, Feb. 2, 2011 /PRNewswire/ -- The SCOOTER Store, the nation's leading provider of power mobility solutions and services, announced that it has received financing from a Sun Capital Partners affiliate. The transaction closed today and sets the stage for future growth and potential acquisitions by The SCOOTER Store. The terms of the deal were not disclosed.
"Our long-term vision and goal is to create an opportunity for every senior or disabled American to live their whole life at home while being happy, healthy, safe and connected to their community," said Doug Harrison, founder and CEO of The SCOOTER Store. "We selected the Sun Capital Partners affiliate as our strategic investment partner because they are best able to help us realize that vision and to get there faster with the capital needed to take advantage of new opportunities."
A perfect storm has emerged in U.S. healthcare as sweeping reforms are dramatically altering market dynamics for suppliers. The total available healthcare market is poised for explosive growth as the population ages and insurance coverage is extended to more Americans. At the same time, new government healthcare policies and regulations are being enacted in an effort to control rapidly escalating national healthcare costs and spending.
As a result, supplier margins are being eroded, providing a catalyst for consolidation. This consolidation will likely reward those suppliers with the agility to rapidly evolve and become efficient low cost organizations with scale, brand recognition, buying power, and access to capital.
"The SCOOTER Store is a market leader in its industry and is run by a strong management team," said M. Steven Liff, senior managing director at Sun Capital Partners. "We view this as a growth investment in a business that does an excellent job of working with customers to ensure they receive the right product for their medical needs with convenient in-home delivery and service. The SCOOTER Store is well positioned in a market whose customer base is projected to grow significantly in the coming years. We also see opportunities to expand product offerings in areas that would greatly enhance the business."
Harrison stated further, "The SCOOTER Store is taking aggressive measures to navigate through the current headwinds and ensure that our company is positioned to take advantage of the new market dynamics. The backing provided by the Sun Capital Partners affiliate will allow us to be even more agile. We are excited to be in a position to quickly adapt to the most recent Medicare changes and pursue new strategic opportunities that arise from on-going changes in healthcare policy and regulations and the industry's competitive landscape.
"In light of the country's demographic trends, we plan to serve more customers with more products and services when they need them to remain in their homes with a better quality of life. In doing so, we can help the government save billions of dollars and reduce inefficiencies in the national healthcare system and its programs."
About The SCOOTER Store:
Since 1991, The SCOOTER Store has helped provide freedom and independence to more people with limited mobility than any other company in the nation. The company offers power mobility solutions, including power wheelchairs, scooters, lifts, ramps, and accessories, in 48 states. The company also provides Home Care products and services in some locations. Using these solutions provides today's seniors an alternative to living in nursing homes or other care facilities. The company's goal is to create an opportunity for every senior or disabled American to live their entire life safely and confidently at home. The SCOOTER Store was recently recognized by FORTUNE magazine in its prestigious 100 Best Places to Work For in America for the second time. The company is accredited by the Accreditation Commission for Health Care. For more information, visit www.thescooterstore.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 250 companies worldwide with combined sales in excess of $40 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.
SOURCE The SCOOTER Store
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