Wellspring Capital Management LLC today announced that it has acquired Nashville-based National Seating & Mobility, Inc., a provider of customized wheelchairs and adaptive seating for individuals with permanent or long-term mobility loss, from Ridgemont Equity Partners.
Financial terms of the transaction were not disclosed.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to New York-based Wellspring for the transaction, while Alvarez and Marsal Transaction Advisory Group provided finance, accounting and tax advice.
Edgeview Partners served as financial advisor to NSM.
"The acquisition of National Seating & Mobility is an exceptional opportunity to invest in an industry leader in a highly fragmented market," William F. Dawson, Jr., a Wellspring managing partner, said in a release.
NSM operates nationally through a network of more than 135 rehab technology specialists in 68 branches located across 30 states. The company was founded in 1992 by Mike Ballard, who will continue to serve as president and chief executive officer. Ballard's management team members will also remain in their current positions.