New private equity firm behind NSM
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.