Cortec Closes Equity Transaction with 101 Mobility
Cortec Group (“Cortec”), a New York based private equity firm has announced that on May 22, 2013 its affiliate Cortec Group Fund V, L.P. (“Cortec Fund V”) has entered into an equity partnership with 101 Mobility, LLC (“101 Mobility” or the “Company”) and its affiliates. Terms of the transaction were not disclosed.
New York, New York (PRWEB) May 24, 2013 - Based in Wilmington, North Carolina, 101 Mobility® is a leading nationwide sales, installation and service provider of mobility and accessibility solutions for both consumer and commercial applications. The company’s core products include stair lifts, wheelchair ramps, vertical platform lifts, vehicle lifts for mobility devices, pool lifts, turning automotive seats, and residential elevators, among others. 101 Mobility operates over 30 locations, primarily through its franchise program, with a number of locations in development.
CEO Dave Pazgan, who will continue in his current position along with founders Keith Barnhardt and Luke Sampson, said, “After launching our franchise program in 2010, we have experienced a rapid rate of growth. Our partnership with Cortec ensures that we have the resources to properly support our franchisees as we expand throughout the country.”
Cortec has experience in the industry via its ownership of Harmar Mobility, LLC, a leading manufacturer of a versatile line of Mobility and Accessibility Equipment, which they acquired in July of 2012.
“Since teaming up with Cortec last summer, they have proven to be a valuable partner to Harmar. I’m confident that 101 will meet their growth objectives even more quickly with the resources that Cortec will be able to provide. We look forward to the opportunity to expand our relationship as an important supplier to 101 as they continue to grow,” added Chad Williams, CEO of Harmar.
“Given aging demographics and the general desire to stay active late into life and remain in one’s home, we believe the end markets that 101 and Harmar serve are poised for long term growth. We are excited to be partners with both and continue to look for opportunities in the space,” added Jeffrey Lipsitz, a Managing Partner of Cortec Group.
About 101 Mobility, LLC
Founded in 2008, 101 Mobility is a leading distributor, installer and servicer of residential and commercial solutions for individuals who are mobility impaired and the businesses that serve them. For additional information please visit 101Mobility.com or 101MobilityFranchise.com.
Founded in 1984, Cortec acquires high value-added, middle-market healthcare, consumer, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at http://www.cortecgroup.com
About Harmar Mobility, LLC
Founded in 1998, Harmar is the leading designer, manufacturer, and marketer of mobility and accessibility solutions for individuals who are mobility impaired. For additional information, please visit http://www.harmar.com.