News
NewSpring Capital Leads Investment in MinSec Holdings, Inc.
Radnor, Pa., July 8, 2010 – NewSpring Capital, a family of private equity funds providing growth and expansion capital to the Mid-Atlantic region, announced today that NewSpring Health Capital and NewSpring Mezzanine Capital, along with Camden Partners have provided a combination of equity and subordinated debt financing to MinSec Holdings, Inc., in Wallingford, Pennsylvania. The proceeds of the transaction will be used to recapitalize the balance sheet and provide working capital for future growth of the company.
Founded in 1995, MinSec is a privately held company that operates Community Corrections Facilities, Behavioral Health Treatment Centers and Outpatient Programs for the treatment of chemical dependency and mental health disorders. The senior management team is led by Sean McDougall, Co-founder and Chief Executive Officer, who has over 15 years of experience in the community correctional industry. The Company currently operates eight residential facilities located throughout the Commonwealth of Pennsylvania, with a total design capacity of 1,009 beds, making MinSec the largest community correctional provider in Pennsylvania. Additionally, the Company operates three outpatient facilities in the Commonwealth as well. MinSec’s principal clients are Federal, State, County and local government agencies responsible for adult corrections, treatment and educational services. The Company has received accreditations from the American Correctional Association and licensure from the Bureau of Drug and Alcohol Programs and Pennsylvania Department of Health.
”We have continued to be impressed with the vital role MinSec plays in the behavioral rehabilitation sector of the corrections market,” said Brian Murphy, NewSpring General Partner. Brian will join Christopher Kersey from Camden Partners on the MinSec Board of Directors post financing. “We believe that with this financing, Sean McDougall (CEO) and MinSec can continue to expand their important work both with and outside of the Commonwealth of Pennsylvania.”
“The MinSec management team welcomes our new partners in NewSpring Capital and Camden Partners, and with their support we have exciting plans to expand and extend our services to meet the complex demands of today’s corrections environment,” said Sean McDougall, CEO of MinSec.
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