PE Deals

NewSpring Healthcare backs Prosperity Behavioral Health

As part of the transaction, Michelle Mullany has become the CEO of Prosperity.

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  • Co-founder and outgoing CEO Greg Keilin will remain with the company as chief of strategy and growth officer
  • Prosperity will use the proceeds of this transaction to invest in its technology, expand its service line offerings and continue adding to its team of experts
  • NewSpring manages over $3 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt

NewSpring Healthcare has invested in Cherry Hill, New Jersey-based Prosperity Behavioral Health, a provider of business process outsourcing services to behavioral health programs. No financial terms were disclosed.

Prosperity will use the proceeds of this transaction to invest in its technology, expand its service line offerings, and continue adding to its team of experts. The company also expects to make strategic acquisitions that enable it to enter new markets and provide a broader set of services to a wider range of healthcare providers.

Prosperity was founded in 2017.

“As the fast-growing behavioral health sector continues its rapid expansion, many providers require support with key business functions. This market growth creates a massive opportunity for technology-enabled BPO partners like Prosperity to expand and meet this need,” said Mike Kaplan, NewSpring partner, in a statement. “Led by an innovative management team focused on growth, Prosperity represents a perfect fit for our approach to helping strong technology-enabled service providers accelerate their growth.”

As part of the transaction, Michelle Mullany has become the CEO of Prosperity. Co-founder and outgoing CEO Greg Keilin will remain with the company as chief of strategy and growth officer. Prosperity’s co-founder and CFO, Aron Hacoen, Vertex co-founder Kyle McHenry, and the rest of the Prosperity team will continue in their current roles.

NewSpring manages over $3 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt.