London private equity firm purchases one of North America’s biggest mobility retailers
London-based private equity firm Cinven has acquired National Seating and Mobility (NSM), a major North American retailer of bespoke seating, mobility and positioning systems operating from 149 branches and employing more than 1,850 people.
Founded in 1992, Tennessee-based NSM has been rapidly expanding in North America through its acquisition strategy, purchasing 10 companies in the past 12 months, including entering the Canadian market in January 2019 after buying SelfCare Home Health Products.
Owned by New York-based private equity firm Court Square Capital Partners since 2016, the company announced at the start of October 2019 that it has reached an agreement with London-headquartered Cinven to sell the mobility retailer.
Founded in 1977, Cinven’s funding base originally came from British Coal before becoming independent from the British Coal pension schemes in 1995 and raising its first independent fund in 1996. The equity firm now manages capital on behalf of more than 200 investors and invests in six key sectors, one of which is healthcare.
The acquisition marks the private equity firm’s first investment in the growing mobility market.
Alex Leslie, Partner at Cinven, commented: “This is an attractive opportunity for Cinven to invest in NSM, a leading player in the Complex Rehab Technology market in North America. NSM operates in an industry we have been evaluating deeply for several years through our work in the Healthcare sector team in both Europe and the US.”
The completion of the transaction is expected within the next six weeks.
Bill Mixon, Chief Executive of NSM, said: “This acquisition aligns with our company’s continued trajectory of growth, future business goals and, most importantly, our mission.
“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.”
John Richardson, Senior Principal at Cinven, added: “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. Cinven will invest significantly in the business to ensure that NSM remains at the forefront of providing best-in-class complex mobility solutions.”
The purchase of NSM reflects the growing interest from private equity into the mobility market globally, bolstered by the rapidly increasing ageing global population.https://thiis.co.uk/london-private-equity-firm-purchases-one-of-north-americas-biggest-mobility-retailers/https://thiis.co.uk/wp-content/uploads/2019/10/nsm-logo-featured.jpghttps://thiis.co.uk/wp-content/uploads/2019/10/nsm-logo-featured-150x150.jpgMergers & AcquisitionsNewsroomacquisition,British Coal,Canada,Cinven,complex wheelchair,Court Square Capital,investment,merger,mobility retailer,National Seating and Mobility,North America,NSM,private equity,USALondon-based private equity firm Cinven has acquired National Seating and Mobility (NSM), a major North American retailer of bespoke seating, mobility and positioning systems operating from 149 branches and employing more than 1,850 people. Founded in 1992, Tennessee-based NSM has been rapidly expanding in North America through its acquisition strategy,...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine