NewSpring invests in Spiro Health

NewSpring has made an investment in Spiro Health, a post acute and home medical equipment provider.

NewSpring has made an investment in Spiro Health, a post acute and home medical equipment provider. No financial terms were disclosed. The transaction was done in partnership with Upstream Capital.

PRESS RELEASE

NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine (“NewSpring”), the Firm’s dedicated mezzanine strategy, has invested in Spiro Health (“Spiro” or the “Company”), a patient-centric, service-oriented, post-acute care and home medical equipment provider, in partnership with Upstream Capital.

NewSpring’s investment of debt and equity supported the merger of three leading sleep health and respiratory care providers. America’s HealthCare at Home, Cape Medical Supply, and Health Complex Medical have all come together to form a new entity called Spiro Health.
By bringing together three leading regional providers, Spiro Health has built a framework for a national organization focused on total sleep health and wellness and respiratory care. The new entity will have operations across seven states and the District of Columbia; Connecticut, Maine, Maryland, Massachusetts, New Hampshire, Rhode Island, and Virginia.

“Together, this combined entity is even greater than the sum of its parts. As the number of individuals in need of home medical equipment continues to rise, we expect Spiro Health to continue leveraging its best-in-class patient and referral partner experience and market position to reach higher levels of growth,” said Steve Hobman, NewSpring General Partner. “We’re thrilled to work with Gary and the rest of the executive leadership team and we’re excited to help this new entity grow.”

Spiro Health offers a diverse set of home medical equipment (HME) and supplies that promote total sleep health and respiratory care. By leveraging new technology solutions, the Company provides patients and partners with a seamless experience when ordering critical HME and supplies. The combined company plans to use the proceeds of this transaction to increase its geographical footprint and capture a greater share of this growing patient population. Additionally, proceeds will be used to continue building its best-in-class patient and referral partner experience and technology platform to facilitate growth.

“We see a massive opportunity to leverage the combined operations and expertise of our three member companies to capture a larger portion of this fast-growing HME market,” commented Gary Sheehan, President and CEO of Cape Medical Supply and newly appointed CEO of Spiro Health. “NewSpring’s experience growing middle-market companies makes them the perfect partner to help us unify our member companies’ operations, expand into new geographies, and improve patient experiences.”

About NewSpring
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.

About Spiro Health
Spiro Health is a patient-centric, service oriented post-acute care and home medical equipment provider. Spiro Health services patients across VA, DC, MD, CT, RI, MA, NH and ME. Spiro Health has a broad portfolio of products and services, but specializes in sleep therapy and respiratory care. Spiro Health was formed in early 2020 when the leadership of America’s Healthcare at Home, Cape Medical Supply and Health Complex Medical came together to build a comprehensive service provider focused on digital healthcare leadership and an unmatched patient and referral experience. Learn more at www.spirohealthservices.com.