NewSpring Capital invests in National Legal Services

National Legal Services has received $10 million in funding. NewSpring Capital’s mezzanine fund led the round. NLS will merge Quest and RSP, forming record retrieval and document preparation firm.

PRESS RELEASE

RADNOR, PA – March 5, 2014 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine, the dedicated mezzanine fund of NewSpring Capital, led a $10.0 million investment in National Legal Services, LLC (“NLS”). NLS will combine the businesses of Quest Discovery Services (“Quest” or “QDS”) and RSP & Associates (“RSP”), which both provide outsourced legal services. The combination of these two businesses creates a dominant record retrieval and document preparation company. The Company will be led by current Quest CEO, Ken Croney, who brings extensive industry knowledge and experience to the combined Company.
“NLS is proud to take this important step with NewSpring Capital in establishing a foundation for our future and ensure long-term stability for our customers and employees. We plan to grow, diversify our service and product offerings, create more jobs and drive growth in the medical records industry in California and beyond,” said President and CEO, Ken Croney.
Andrew Panzo, Partner at NewSpring Capital and new NLS Board member, adds, “We are excited about the prospects of this newly formed Company. The combination of Quest and RSP brings together over 80 years of operating experience in the medical record management industry. NewSpring Capital is proud to partner with the NLS management team to guide its growth and expansion for the long-term.”
About RSP & Associates:
Since 1979, RSP & Associates has been a leader in the litigation support field. The Company provides legal discovery services and storage solutions to self-insured employers, third-party administrators and insurance companies throughout the State of California.
RSP’s objective is to be recognized as California’s Premier Litigation Support Company committed to the highest standards of practice and innovation.
About Quest Discovery Services:
For over 45 years, Quest has met and surpassed document acquisition, duplication, and distribution needs. From subpoena preparation and service to online order and record management, to large volume reproduction and photo duplication, to court reporting, to Bates numbering, and rush delivery, Quest´s dedicated professionals will deliver high quality services and products every time.
In order to provide its customers with local support and the fastest turnaround times in the industry, QDS operates five full-service offices strategically located throughout California. Each QDS office is able to follow-up, duplicate, and ship records without transferring documents to a central location. Decentralized production facilities allow QDS to efficiently meet all customers needs while reducing costs as well as provide Rush and emergency services when necessary.

 

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