Current Portfolio

PRESS RELEASE: Mezzanine Fund backs merger of Excel Rehabilitation Services and Michigan Rehabilitation Specialists

September 30, 2013

TROY, Mich. — Credit Suisse’s Customized Fund Investment Group (CFIG) and Beringea, co-managers of the InvestMichigan! Mezzanine Fund, will provide mezzanine debt and equity to fund the recapitalization and merger of two of Michigan’s highest-regarded outpatient physical therapy (PT) specialists. Shore Capital Partners is sponsoring the deal, which will combine Excel Rehabilitation Services (Excel) and Michigan Rehabilitation Specialists (MRS) into one company operating 21 clinics throughout Michigan.  Shore Capital Partners is a healthcare-focused lower middle market private equity firm that specializes in partnering with companies that have between $5 and $50 million of revenue.

Excel, founded in 1994 by Ron Goble, Roger Goble and Laura Ruppenthal, and MRS, founded in 1999 by Rodney Goble (brother of Roger and Ron) have complementary geographic footprints and the owners planned to merge their businesses for several years.  Post investment, Shore Capital will have a majority interest in the new company while Roger, Ron, Laura and Rodney will continue to be meaningful equity owners and will remain active in the business on a full-time basis.

“The merger of Excel and MRS will position the new company as a top ten PT provider in Michigan,” said David Ruby of Beringea. “Outpatient PT is a highly fractured market, so there is a great value in having an extensive footprint whether it’s recruiting and retaining outstanding physical therapists or offering our clients a full suite of services.”

The new combined company will operate in the fast-growing outpatient PT market, which at $21.2 billion represents approximately 1 percent of total U.S. healthcare spending. The sector provides an effective alternative to surgery for millions of injured Americans or those recovering from surgery.

The InvestMichigan! Mezzanine Fund, formed in partnership with the SBA through its Start-Up America Impact Investment SBIC Initiative, will invest up to $130 million in lower-middle-market Michigan companies. The Fund focuses exclusively on providing capital to businesses that are headquartered, have a significant presence, and/or plan to expand or relocate in Michigan.

About Credit Suisse’s Customized Fund Investment Group

Credit Suisse’s Customized Fund Investment Group (CFIG) is one of the largest and deepest investment teams dedicated to private equity investing. The group is headed by Managing Director and Global Head Kelly Williams, who founded CFIG in 1999. As of Dec. 31, 2011, CFIG managed more than $28 billion in commitments to private equity funds of funds and co-investments, both in the United States and internationally. CFIG’s more than 125 professionals are based at the group’s offices in New York, London, Hong Kong, Austin, Columbus, Detroit, Indianapolis, Los Angeles, Portland and Raleigh. In addition to the Invest Michigan Mezzanine Fund, CFIG manages the $95 million Venture Michigan Fund I, the $120 million Venture Michigan Fund II and the $109 million Michigan 21st Century Investment Fund programs and co-manages with Beringea the $185 million Invest Michigan Growth Capital Partners Fund. In total Credit Suisse manages over $500 million of Michigan-target investment initiatives, making Credit Suisse one of the largest pools of private equity capital in the State and establishing Michigan as a leader in supporting capital investment in the industries of tomorrow. For more information, visit

About Beringea

Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. Founded in 1988, the Firm is headquartered in Farmington Hills, Michigan with an affiliate office in London, UK. Beringea invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.


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