NewSpring Mezzanine Capital has provided $5 million to ncgCARE. Based in Richmond, Virginia, ncgCARE is a provider of mental health services.
Radnor, PA – December 13, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital (“NewSpring”), the Firm’s dedicated mezzanine fund, has made an initial investment of $5 million in ncgCARE, Inc. (“ncgCARE”), as well as an additional commitment for strategic acquisitions.
ncgCARE is a leading provider of community-based and outpatient mental health services. Through its network of providers, the Company’s core service lines include; Children and Adult home and school based services for children, Outpatient Psychiatric and Therapy services for mental health and substance use disorders, and Therapeutic Foster Care services. ncgCARE is headquartered in Richmond, VA and currently operates in Virginia, North Carolina, and Pennsylvania.
“We look forward to working with ncgCARE’s strong management team while we both work towards accomplishing their goals within a growing industry,” said Anne Vazquez, NewSpring Partner. “Coupled with a solid growth strategy and robust service offering, we are confident that ncgCARE will continue to drive success.”
“We are thrilled to enter a partnership with NewSpring” commented Frank Viera, President and CEO of ncgCARE. “NewSpring has a strong commitment to helping ncgCARE achieve our long-term goals and we look forward to working with them.”
In 1993, Northern Virginia Counseling Group was a small but dedicated group of therapists who wanted to make a big impact on the lives of people with mental health, substance abuse, and behavioral issues. Through a commitment to dedicated service, outstanding outcomes, and innovative programming, Northern Virginia Counseling Group grew to become the largest provider of community-based treatment services in Virginia and changed its name to National Counseling Group. By continuing to create new services, and expand the reach of its mission, National Counseling Group has established multiple identities under one parent whose name, and those of its partners, are synonymous with excellence in behavioral health. In 2015, ncgCARE was born.
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.