News
NEWSPRING CAPITAL ANNOUNCES AN INVESTMENT IN HABIT OPCO, INC.
King of Prussia, PA – October 27, 2006– NewSpring Capital, a family of private equity funds, announces that two of its funds, NewSpring Ventures and NewSpring Healthcare, have jointly invested in Habit Opco, Inc. (“Habit”) to fund the buyout of Habit Management, Inc. Habit is a leading substance abuse treatment organization that provides outpatient services to opiate dependent individuals in Massachusetts, New Hampshire, and Vermont. In this $14.2 million financing, NewSpring’s co-investors included Three Arch Partners and Salix Ventures.
“This is an exciting time to invest in and work with Habit,” said Brian G. Murphy, Partner with NewSpring Capital, who will serve as the Chairman of the Board of Directors for Habit Opco. “The excitement is around the ability to expand Habit’s exceptionally deep clinical model of treating opiate addiction to other markets around the county,” Murphy continued.
“We are very pleased to have the backing of NewSpring Capital, Salix Ventures, and Three Arch Partners, who bring not just financial resources to Habit, but valuable experience and deep knowledge of our markets,” said Lawrence M. Davies, President & CEO of Habit Opco, Inc.
About Habit Opco – Habit Opco, Inc., based in Boston, MA, is one of the largest accredited healthcare organizations in New England providing multi-disciplinary treatment services on an outpatient basis to individuals addicted to drugs enabling them to function normally in society. Habit provides comprehensive services to individuals addicted to opiates and currently operates 12 sited programs and two mobile van units. Habit’s programs in Massachusetts are located in Boston, Brockton, Fall River, Fitchburg, Lynn, Lowell, Lawrence, Springfield, Wareham, and Yarmouth. The Mobile van units service the communities of Quincy, Weymouth and Taunton. Programs in New Hampshire are located in West Lebanon and Manchester. . www.habitmanagement.com
About NewSpring Capital - NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds which includes: NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and healthcare; NewSpring Healthcare, L.P., a venture capital fund focused on intermediate-and late-stage life science and healthcare companies; and NewSpring Mezzanine Capital, L.P., a regionally focused mezzanine debt fund that invests in information technology, business services, healthcare and specialty manufacturing. www.newspringcapital.com
About Three Arch Partners - Three Arch Partners was formed in 1993 to provide young companies with access to relevant clinical and business resources, as well as capital. Three Arch has helped create, build and fund more than 50 important new healthcare companies. These companies have often become the clinical and market leaders in their respective fields, and have generated strong returns. The fund focuses on opportunities in medical devices and healthcare services, and less frequently in biotechnology. The partnership manages over $1 billion in capital, including: Three Arch Partners III, a $200 million fund raised in late 1999, is focused on seed and early stage opportunities; Three Arch Capital, a $300 million fund raised in 2000, is focused on development stage companies; and Three Arch Partners IV, a $450 million fund, was raised in 2004, invests in seed, early, and development stage companies. www.threearchpartners.com
About Salix Ventures - Salix Ventures was founded in 1997 to pursue high growth investment opportunities in healthcare services companies (including healthcare information technology). Salix Ventures was formed to assist fellow entrepreneurs in developing the strategies, building the management teams, and obtaining the financial resources necessary to create great companies. Salix Ventures manages two venture capital partnerships with more than $180 million of committed capital. Limited partners include some of the nation's leading university endowments, corporate pension plans, and financial institutions. With offices in Nashville, Tennessee; San Francisco, California; and Andover, Massachusetts, Salix is a national investor focused on investing in and supporting the best management teams and companies, regardless of location. www.salixventures.com
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