NEW YORK, Aug. 10, 2016 /PRNewswire/ -- Wellspring Capital Management LLC ("Wellspring") today announced that it has entered into a definitive agreement to sell its portfolio company National Seating & Mobility ("NSM") to Court Square Capital Partners. Terms of the agreement were not disclosed.
Founded in 1992, NSM has grown into North America's premier Complex Rehab Technology provider, with client service facilities and Regional Processing Centers from Hawaii to New England. 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.
Since acquiring NSM in December 2012, Wellspring has worked with management to leverage their combined expertise to grow the business into a market leader, adding 35 branches by growing organically, executing 5 strategic add-on acquisitions and numerous smaller tuck-in acquisitions.
Alexander Carles, a Managing Partner of Wellspring, said, "We are pleased with the success NSM has achieved over the past few years. Under our ownership, NSM has substantially grown its footprint and improved operationally in order to provide the best complex rehab technology solutions to the people who need them most. The company is well-positioned today to continue serving as an industry leader for many years to come."
Seth Pearson, a Principal of Wellspring, said, "In NSM, we were able to identify a well-positioned company with strong prospects. It has been a pleasure working with our Chairman Mike Ballard, our Chief Executive Officer Bill Mixon and the rest of the senior leadership team. NSM's success is a testament to our strong partnership."
It is expected that the transaction will be completed within the next sixty days.
Piper Jaffray & Co. and Cain Brothers & Company are serving as financial advisors to Wellspring and NSM with respect to the transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel.
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.
Mark Semer or Ross Lovern
SOURCE Wellspring Capital Management LLC