NewSpring Capital has closed its third mezzanine fund at $257.4 million, beating its $200 million target. NewSpring Mezzanine Capital III’s investors included banks, insurers and financial institutions. NSM III will focus on mid-sized companies in the business services, healthcare, information technology and specialty manufacturing sectors.
RADNOR, PA – March 10, 2017 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, today announced the final close of its third mezzanine fund, NewSpring Mezzanine Capital III, L.P. (“NSM III” or the “Fund”). In total, the Fund exceeded its initial target of $200 million and closed at $257.4 million. NSM III received strong support from existing and new investors, including a diverse group of banks, insurers, public plans, financial institutions and individuals. As a Small Business Investment Company (“SBIC”) under the Small Business Administration, NSM III marks the fourth SBIC license for the Firm.
“Having surpassed our initial target of $200 million, NSM III will enable us to continue to execute on the success of our previous funds,” said Greg Barger, NewSpring General Partner. “We appreciate the continued support of our existing investors and are excited to work with our new limited partners.”
Consistent with the investment strategy of its predecessor funds, NSM III will provide investors with both current income and long-term capital appreciation through investments in mezzanine securities of mid-sized companies primarily in the business services, healthcare, information technology, and specialty manufacturing sectors. The Fund will lead or co-lead sponsored and unsponsored transactions with targeted initial investment amounts ranging from $5 – $20 million. To date, 12 deals have been completed totaling approximately $135.5 million in invested capital.
“Our robust sourcing platform was able to yield a healthy pipeline of opportunities allowing us to close twelve new deals in the last year. We are excited to be working with these great companies and their management teams and look forward to building upon their already strong positions to produce solid returns for our investors,” said Anne Vazquez, NewSpring Partner.
About NewSpring Capital
NewSpring Capital is a leading provider of private equity capital focused in the Mid-Atlantic region. The Firm manages over $1.5 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to equity and mezzanine debt. NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital’s approach and the success of its current and former portfolio companies demonstrates the Firm’s commitment. To learn more about NewSpring Capital, please visit www.newspringcapital.com.