NSM Is Purchased by Wellspring Capital
- By Laurie Watanabe
- Jan 03, 2013
National Seating & Mobility (NSM), one of the industry's largest rehab providers, has been acquired by Wellspring Capital Management.
Wellspring announced in a news release that it had purchased NSM from Ridgemont Equity Partners, which had invested in NSM in 1999. Wellspring did not disclose the purchase price.
Mike Ballard, founder of NSM, will continue to serve as its president/CEO, Wellspring added, with other members of NSM's management team also expected to stay in their current positions.
In the news release, Ballard said he was "delighted to continue as NSM's CEO and largest individual shareholder."
Ballard added, "We are very pleased that Wellspring is investing in our company at this exciting time for our business. Wellspring has a long track record of partnering with management teams to grow businesses, and its strategic and financial support will enhance NSM's ability to build on its outstanding historical growth and gain marketshare. Importantly, Wellspring embraces our unique culture and best-in-class business model that empowers RTS's."
Alexander Carles, a partner at Wellspring, said of the NSM acquisition, "Over its 20-year history, NSM has established itself as a pioneer with a differentiated competitive position based on its mission-driven, RTS-centric model that delivers superior patient service and drives patient referrals. Under Mike Ballard's leadership, it has grown and improved its business by associating with the best RTS's, investing in leading-edge information technology systems and expanding geographically. The business is well positioned in the current regulatory environment, and we are excited to partner with Mike and his team to continue growing the business through organic initiatives and strategic acquisitions."
NSM currently employs 135 RTS's operating in 68 branches in 30 states, Wellspring said.
The company is based in Nashville, Tenn.
Wellspring Capital, founded in 1995, described itself as a "leading middle-market private equity firm that manages more than $3 billion of private equity capital." Its goal, Wellspring added, "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."
Laurie Watanabe is the editor of Mobility Management. She can be reached at firstname.lastname@example.org.