Vantage Mobility International Announces New Fundraising Round
PHOENIX--(BUSINESS WIRE)--May 14, 2019--
Vantage Mobility International (“Vantage Mobility” or “VMI”), a market leader in the manufacturing of Wheelchair Accessible Vehicles (WAVs), and its affiliates announced today that it 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 a part of the transaction, VMI will receive a meaningful cash infusion, which will be used to invest in growth. The funding will enable VMI to invest in several longer-term strategic projects, including product development, supplier relationships, and customer partnerships. As part of the transaction, VMI will also retire certain debts incurred as a part of its acquisitions of AMS Vans (September 2017) and Revability (December 2018).
Mark Shaughnessy, Chief Executive Officer of Vantage Mobility, commented, “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 WAV. It demonstrates great confidence on the part of our investors in our business, management team, employees, marketplace, and future of the Company. I am very appreciative of the support from our lenders and sponsors; VMI’s current and future business model is much stronger as a result of this transaction.”
Headquartered in Phoenix, VMI employs an experienced engineering, marketing, manufacturing, and sales staff to produce converted vehicles with lowered floors, increased headroom, and deployable ramps which allow for comfortable use of the vehicle by a disabled driver or passenger. The Company offers conversions on the market leading Toyota Sienna, Honda Pilot, Dodge Caravan, and Chrysler Pacifica platforms. VMI’s vehicles are known as the most technically innovative in the industry, which maximize the usable interior space on the respective platforms.
VMI is a portfolio company of Nautic Partners, a middle-market private equity firm based in Providence, RI.
Vantage Mobility International (VMI) is a leading manufacturer of wheelchair accessible vehicles built on Toyota, Honda, and Fiat Chrysler Automobiles (FCA) chassis. The company has advanced the mobility industry for 30 years with a robust portfolio of minivan and SUV conversions as well as platform lifts. VMI, based in Phoenix, Arizona, has also been awarded the prestigious Toyota Gold Certificate for Quality and its manufacturing facility utilizes Six Sigma techniques to employ continuous process improvements and deliver high quality products for personal use and commercial applications. For more information, visit www.vmivans.com.
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products, and outsourced services. Nautic has completed over 130 platform transactions throughout its 30-plus year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $25 million or more. For more information, please visit www.nautic.com.
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SOURCE: Vantage Mobility International
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PUB: 05/14/2019 02:00 PM/DISC: 05/14/2019 02:01 PM