Audax Private Equity and LLR Partners Complete the Sale of Numotion
BOSTON--(BUSINESS WIRE)--Nov 15, 2018--Audax Private Equity (“Audax”) and LLR Partners (“LLR”), in partnership with management, have completed the sale of Numotion (or the “Company”) to AEA Investors LP (“AEA”) and Numotion management.
Headquartered in Brentwood, TN, Numotion is the nation’s leading provider of Complex Rehab Technology (“CRT”), improving the lives of people with disabilities by enabling them to actively participate in everyday life. CRT is medically necessary, individually configured mobility products and services, including manual and power wheelchairs, designed to meet the unique medical and functional needs of individuals with significant disabilities and medical conditions to provide them with greater independence. Numotion serves over 250,000 customers across 140 locations and more than 2,500 employees. Known for its industry-leading customer service, Numotion provides a unique set of access, expertise, advocacy, and personalized care to help drive its mission of improving the lives of people with disabilities.
Geoffrey S. Rehnert, Co-Chief Executive Officer of Audax Group, said “We are proud to have supported Mike Swinford and the Numotion team in creating such a market-leading and mission-driven provider of Complex Rehab Technology. The Company has led the way with innovative product solutions and services, a national geographical footprint, and robust growth through organic initiatives and strategic acquisition. We wish continued success for Mike and his team as they enter the next stage of growth with their new partner.”
Mike Swinford, Chief Executive Officer of Numotion, said “We are grateful for the resources, support, and stewardship Audax and LLR have provided over the last 5 years in helping us transform Numotion into what it is today. We are well positioned to accelerate our growth trajectory and advance our mission of improving the lives of people with disabilities. We look forward to partnering with AEA to continue that work, and drive positive outcomes for our customers, the industry, our employees, and our shareholders.”
Terms of the transaction were not disclosed. Ropes & Gray, LLP served as legal advisor and Harris Williams served as financial advisors to Numotion. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to AEA.
ABOUT AUDAX PRIVATE EQUITY Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $5 billion in 118 platform and 715 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $13.0 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.
ABOUT LLR PARTNERS LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR, please visit www.llrpartners.com.
ABOUT NUMOTION Numotion is the nation’s leading provider of Complex Rehab Technology (CRT), improving the lives of people with disabilities by enabling them to actively participate in everyday life. CRT is medically necessary, individually configured mobility products and services, including manual and power wheelchairs, designed to meet the unique medical and functional needs of individuals with significant disabilities and medical conditions to provide them with greater independence. Based in Brentwood, Tenn., Numotion has more than 140 locations across the country and serves more than 250,000 people. For more information, please visit www.numotion.com.
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CONTACT: Audax Group
Geoffrey S. Rehnert, Co-Chief Executive Officer – (617) 859-1503
Kristy DelMuto, Vice President of Strategic Marketing – (215) 344-1372
Andrea Barnett, Manager of Communications – (615) 933-5019
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK TENNESSEE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE OTHER PROFESSIONAL SERVICES COMMUNICATIONS MARKETING
SOURCE: Audax Group
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PUB: 11/15/2018 11:12 AM/DISC: 11/15/2018 11:12 AM