Audax Private Equity and LLR Partners have exited their jointly held rehab company, Numotion, which has been a major player in consolidating the complex rehabilitation technology (CRT) market. AEA Investors is the new owner.
The target provides complex rehabilitation technology (CRT), including manual and power wheelchairs designed to meet the unique medical and functional needs of individuals with significant disabilities and medical conditions.
Numotion was formed in January 2013 through the merger of United Seating Mobility and ATG Rehab. Audax Private Equity acquired ATG Rehab in January 2011, and LLR Partners acquired United Seating and Mobility in February 2011.
Since then, the company has been consolidating the market, cherry-picking the CRT divisions of companies BlueDot Medical in Charlotte and CVC Home Medical in Wilmington, North Carolina. Those deals were announced in 2017. In 2016, it expanded its medical supplies business with the acquisition of Home Medical Equipment of Texas, in Fort Worth.
This year, Numotion acquired the rehab division of Midwest Respiratory & Rehab, based in Omaha, Nebraska (June 15) and the CRT division of Medsource Mobility out in Sandy, Utah. Financial terms were not disclosed in any of these transactions.
AEA Investors manages funds with approximately $11 billion of invested and committed capital, which it invests through leveraged buyouts of middle market and small business companies and through mezzanine and senior debt instruments.
Besides Numotion, its diverse portfolio investments in 2018 include ROI Solutions, LLC in American Fork, Utah; Springs Window Fashions in Madison, Wisconsin; Pexco LLC in Alpharetta, Georgia; and Spectrum Plastics Group, also in Alpharetta.