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Cinven to go mobile with NSM
Posted on Monday, 07 October 2019 12:53
Private equity firm Cinven is acquiring US-based wheelchair and mobility services manufacturer National Seating & Mobility (NSM) from Court Square Partners in a deal due to close in the next 45 days.

No financial details were disclosed, but people in the know told PE Hub the purchase is worth an enterprise value of around USD 850.00 million.

Tennessee-headquartered NSM was founded in 2002 and focuses on providing rehabilitation technology, seating, mobility and positioning systems across the US and Canada.

Its products include a range of powered and manual wheelchairs, wheelchair cushions and moulds to help customers with their posture.

The group also makes stairlifts, wheelchair and vehicle lifts through its division AccessNSM, which is the fastest growing accessibility business in the US, according to the target’s website.

John Richardson, senior principal at Cinven, said: “We are looking forward to partnering with NSM’s highly experienced management team to accelerate the company’s growth, both organically and through strategic acquisitions.”

The deal marks another addition to the buyer’s healthcare portfolio, which already includes the likes of Bioclinica, Stada and Synlab Group.

Headquartered in London, Cinven has 130 investments across six sectors, EUR 39.00 billion in realised proceeds and EUR 37.00 billion in total funds raised.

Alex Leslie, a partner of the acquiror’s, noted: “This is an attractive opportunity for Cinven to invest in NSM, a leading player in the complex rehab technology market in North America.

“NSM operates in an industry we have been evaluating deeply for several years through our work in the healthcare sector team in both Europe and the US.”

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 180 deals targeting surgical appliance and supplies manufacturers signed off globally since the beginning of 2019.

Bayer, in the largest of these, agreed to buy Dr Scholl’s business in the Americas for USD 585.00 million.

MyoScience, Breathe Technologies, Stryker and Edwards Lifesciences, among others, have also been targeted this year.

© Zephus Ltd