News

Rockwood Equity Partners has made an undisclosed investment in Lifeway Mobility. Based in Hartford, Connecticut, Lifeway is a provider of home accessibility and safety solutions.

PRESS RELEASE

CLEVELAND, OH (August 28, 2018) – Rockwood Equity Partners announced today that it has completed a major investment in Lifeway Mobility (www.lifewaymobility.com) (Lifeway). Headquartered in Hartford, Conn., Lifeway is a provider of home accessibility and safety solutions, including ramps, stair lifts, wheelchair lifts, transfer aids, and bath safety products. The Company is led by Chairman Tim Burfield, President Paul Bergantino and Chief Financial Officer Dave Hess.

“Lifeway is a solid example of Rockwood’s flexible investment support of our ‘River Guide’ network, a group of seasoned industry executives with interests in continuing to build lower middle market companies,” said Joe Merrill, Partner at Rockwood. “Lifeway has an A-grade management team with deep healthcare expertise, and we will work together to bring Lifeway to the forefront of accessibility and safety solutions for people with mobility challenges and those wishing to age-in-place. Together, Lifeway and Rockwood will focus on capitalizing on opportunities to grow the business and expand its market presence.”

For Tim Burfield, the partnership is particularly meaningful, as it marks the extension of his relationship with Rockwood into a second generation. “Welcoming Rockwood as a partner is especially gratifying for me,” he said. “I first met Brett Keith, Rockwood’s co-founder and Managing Partner, about 25 years ago when his father, Ron, and I were partners in a very successful pharmacy venture. Ron’s keen business savvy, strategic vision and values are ‘inter-generational’ and clearly reflected in Rockwood’s personnel and culture. We are delighted to be joining the Rockwood family.”

With an investment strategy focusing on lower-middle market businesses in regulated industries, Rockwood has deep experience in healthcare, particularly in complex rehabilitation technology (CRT). “We are excited to bring to Lifeway our knowledge of the CRT space, gained in part through our ownership of Altimate Medical Holdings, Inc., a manufacturer of standing solutions to support therapy for adults and children with disabilities,” said Nils Holum, Rockwood Vice President. “After working extensively with Altimate’s senior management on a range of impactful growth initiatives, Rockwood exited the investment in 2017 at a return of more than four times our initial investment,” he added.

Lifeway currently services Connecticut, Illinois, Indiana, Massachusetts, Minnesota, New Hampshire, Rhode Island and Wisconsin. In conjunction with Rockwood’s investment, Lifeway completed a majority investment in Extended Home Living Services, Inc., the leading provider of accessibility equipment, lifts, elevators and modifications in the Chicago area.

Rockwood currently is seeking add-ons for Lifeway, including providers of home accessibility products, such as stair lifts, ramps, residential elevators and bathroom accessories, among others. Potential opportunities may be directed to Kate Faust, Partner-Business Development, at [email protected].