Flexpoint Ford will make a “significant” investment in Richfield, Ohio-based MobilityWorks, a provider of wheelchair accessible vehicles. In addition to the funding, Michael Fazekas and Dominic Hood, principals of Flexpoint Ford, will join MobilityWorks’ board of directors. Piper Jaffray & Co. served as financial adviser to MobilityWorks on the transaction.
RICHFIELD, Ohio, Sept. 19, 2018 /PRNewswire/ — MobilityWorks, the nation’s leading provider of wheelchair accessible vehicles, today announced that it has partnered with Flexpoint Ford, a Chicago-based private equity firm focused on the healthcare and financial services industries, with Flexpoint making a significant equity investment in the Company. Following the investment by Flexpoint Ford, MobilityWorks will continue to operate as an independent company led by its current management team, who will retain a significant ownership stake. The new partnership will accelerate MobilityWorks’ vision of “Accessibility for All” with additional capital for the Company’s ongoing expansion strategy.
Founded in 1997 and headquartered in Richfield, Ohio, MobilityWorks provides adaptive vehicles and accessibility solutions to customers from over 70 locations across 24 states. With more than 1,200 employees, the business serves people with disabilities by providing wheelchair accessible minivans, full-size vans with lifts, and commercial fleet vehicles. The Company’s TransitWorks division manufactures and distributes commercial wheelchair accessible vehicles.
Bill Koeblitz, Founder and CEO of MobilityWorks, commented, “We are thrilled to be teaming up with Flexpoint Ford. We chose them as our institutional investment partner because of their proven track record of collaborating with founders in the healthcare and financial services sectors to accelerate growth. Most importantly, the team at Flexpoint Ford supports our culture with a relentless focus on outstanding care for our clients with disabilities.”
“MobilityWorks is ideally positioned as a leader in the accessibility industry, and we look forward to working with the Company’s exceptional management team and many talented employees,” said Jonathan Oka, Managing Director of Flexpoint Ford. “Our investment will create several advantages for the Company in this next exciting chapter of growth.”
Michael Fazekas and Dominic Hood, Principals of Flexpoint Ford, will also join the Company’s Board of Directors. Flexpoint Ford’s extensive experience in the healthcare, consumer finance, and insurance sectors will provide MobilityWorks with substantial resources and unique capabilities to advance opportunities available to the Company.
In connection with the transaction, Piper Jaffray & Co. acted as financial advisor and Calfee, Halter & Griswold and Ulmer & Berne acted as legal counsel to MobilityWorks. Kirkland & Ellis and Holland & Knight served as legal counsel to Flexpoint Ford.
MobilityWorks is a Richfield, Ohio-based company that employs specially trained Certified Mobility Consultants to work closely with its clients to understand their specific transportation needs in finding the right vehicle solution. Founded in 1997 with one location, MobilityWorks has been recognized on the Inc. 500|5000 list of Inc. Magazine’s fastest growing privately held companies for the past ten years. MobilityWorks Commercial is the largest provider of commercial wheelchair vans in the country. The commercial team focuses on providing safe and reliable commercial transportation to individuals with mobility limitations coast to coast. Learn more about MobilityWorks at www.mobilityworks.com.
TransitWorks is the leading manufacturer of commercial shuttles, wheelchair accessible vans, transporters, and small buses for healthcare, fleet management, government contracts, hospitality, wheelchair transport, taxi, and many other industries. TransitWorks distributes through over 200 partners in North America and operates more than 140,000 square feet of production space in Ohio, Kansas, and South Carolina. TransitWorks partners with Ford Motor Company, Dodge-Chrysler and Mercedes-Benz to upfit commercials vans into wheelchair accessible transportation. For more information about TransitWorks, please visit www.transit-works.com.
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has raised more than $2.3 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois. For more information about Flexpoint Ford, please visit www.flexpointford.com.