MobilityWorks, a Richfield, OH-based provider of wheelchair accessible vehicles, received an equity investment from Flexpoint Ford, a Chicago-based private equity firm focused on the healthcare and financial services industries.
The amount of the deal was not disclosed. In conjunction with it, Jonathan Oka, Managing Director, Michael Fazekas and Dominic Hood, Principals of Flexpoint Ford, will join the Company’s Board of Directors. Following the investment, MobilityWorks will continue to operate as an independent company led by its current management team, who will retain a significant ownership stake.
The capital will be use for the company’s ongoing expansion strategy.
Founded in 1997 by Bill Koeblitz, CEO, 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.