VMI Announces Additional Funding
A new funding agreement for Vantage Mobility International (VMI) is positioning the accessible vehicle manufacturer for continued growth.
In a May 14 news announcement, VMI said it “has reached an agreement in principle with its investors and financial lenders to accept a new round of funding designed to strengthen the company’s balance sheet and accelerate the growth of its business.”
The deal means a “meaningful cash infusion” that VMI will use to continue to expand. The company acquired Revability in December 2018, and acquired AMS Vans in September 2017.
VMI CEO Mark Shaughnessy said in the announcement, “I am delighted to announce this news, which will help VMI realize its vision of improving the customer experience of renting, leasing, buying and owning a WAV [wheelchair-accessible vehicle]. It demonstrates great confidence on the part of our investors in our business, management team, employees, marketplace, and future of the company. I am very appreciative of the support from our lenders and sponsors; VMI’s current and future business model is much stronger as a result of this transaction.”
VMI is headquartered in Phoenix, Ariz.