VMI accepts funding to grow biz

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Friday, May 17, 2019

PHOENIX – Vantage Mobility International 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. As part of the deal, VMI will receive a “meaningful cash infusion” that will be used to invest in growth. “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 wheelchair accessible vehicle,” said Mark Shaughnessy, CEO. The funding will allow the company to invest in several longer-term strategic projects, including product development, supplier relationships and customer partnerships. VMI will also retire certain debts incurred as part of its acquisitions of AMS Vans in September 2017 and Revability in December 2018. VMI is a portfolio company of Nautic Partners, a middle-market private equity firm based in Providence, R.I.