MobilityWorks has received a significant equity investment from Flexpoint Ford, a Chicago-based private equity firm. Following the investment by Flexpoint Ford, MobilityWorks will continue to operate as an independent company led by its current management team, which will retain a significant ownership stake. The new partnership will provide additional capital for MobilityWorks' ongoing expansion strategy. Bill Koeblitz, founder and CEO of MobilityWorks, said in a statement, "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 health care 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." 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. "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, in a statement. "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 join the MobilityWorks' board of directors.
- Piper Jaffray & Co. acted as financial adviser 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.