NewSpring has made an investment in Itasca, Illinois-based Brown & Joseph, a provider of commercial accounts receivable management solutions with a focus on the industry sector. No financial terms were disclosed for the transaction that was done in partnership with LaSalle Capital.
NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Mezzanine (“NewSpring”), the Firm’s dedicated mezzanine fund, has invested in Brown & Joseph, Ltd. (“Brown & Joseph” or the “Company”) in partnership with LaSalle Capital. Proceeds from the transaction will be used to expand the Company’s geographic footprint and service offering.
Brown & Joseph, headquartered in Itasca, IL, is a leading provider of commercial accounts receivable management solutions, with a focus on the insurance industry. The Company principally specializes in B2B third-party collection services, but also provides first-party collection services and insurance premium audits.
“Given its unique market position and our prior experience working in this niche market, we are excited for this compelling opportunity to help Brown & Joseph continue to deliver and sustain the highest quality, innovative solutions to the insurance community, while helping to scale and grow their already high-performing business,” said Andrew Panzo, NewSpring General Partner. “We are also pleased to have found a great partner in LaSalle Capital to lead this acquisition opportunity.”
Brown & Joseph’s CEO, Chris Cappuccilli, stated, “We are extremely pleased to have LaSalle Capital lead the next chapter of growth for Brown & Joseph in partnership with NewSpring. We are confident we found the right stewards for the business who will continue to keep our customers’ and employees’ best interests in mind.” Kevin Walsh, President of Brown & Joseph, added, “LaSalle and NewSpring are the perfect partners to help grow the business as they each have an in-depth understanding of collections businesses, supported by their previous investments in our industry. We look forward to remaining involved in the operations through a transition period.”
Ryan Anthony, Partner at LaSalle Capital, commented, “Chris Cappuccilli and Kevin Walsh built an impressive B2B collections firm that is the market leader focused on the insurance industry. We look forward to working with the team at Brown & Joseph to help accelerate the growth of the business.”
About Brown & Joseph
Founded in Chicago in 1996 by the same private owners who lead the firm today, Brown & Joseph provides commercial debt collection services to the insurance, health, logistics, staffing, and telecommunications industries. They set the highest standards in licensure, compliance, bonding, and insurance coverages that exceed state and federal mandates. Their diverse portfolio of specialized debt recovery and receivable management services are unrivaled by conventional collection agencies. For more information, visit brownandjoseph.com.