Major shake-ups in complex rehab
ROCKY HILL, Conn. and ST. LOUIS – Two of the three major players in the complex rehab market have joined forces.
ATG Rehab of Rocky Hill, Conn., and United Seating & Mobility (USM) of St. Louis have merged, a move that both companies anticipate will broaden their network and generate greater stakeholder value, according to a press release.
“The combination of ATG and USM creates a company with the resources to invest in protecting and improving consumer access to complex mobility and the other technologies they require,” stated Bob Gouy, president and CEO of USM, in the release.
ATG and USM will continue to operate under their own names for the time being, but they expect to announce a new name for the combined company in the next few months, according to the release.
Paul Bergantino, president and CEO of ATG, will remain in that role for the combined company, while Gouy will assume the role of executive chairman.
Bergantino stated that the combined company will remain true to its mission of “staying local as we grow.”
NSM gets new owner
NASHVILLE, Tenn. – Wellspring Capital Management acquired National Seating and Mobility (NSM) from Ridgemont Equity Partners, the complex rehab provider announced Jan. 2.
For Wellspring, the deal nets 135 rehab technology specialists (RTSs) working in 68 branches located across 30 states.
“The acquisition of National Seating & Mobility is an exceptional opportunity to invest in an industry leader in a highly fragmented market,” stated Wellspring Managing Partner William Dawson, Jr., in a release.
NSM founder Mike Ballard will remain with NSM as president and CEO. NSM’s current management team will also remain intact.
Wellspring plans to continue to grow NSM through “organic initiatives and strategic acquisitions,” according to the release.
“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 market share,” stated Ballard.
Wellspring Capital Management, founded in 1995, manages more than $3 billion of private equity capital.
Financial terms of the deal were not disclosed.