News
NewSpring Mezzanine Capital, L.P. Announces Third Portfolio Company Investment, a $3.75 Million Mezzanine Financing in Quest Discovery Services, Inc.
KING OF PRUSSIA, PA – October 11, 2005 – NewSpring Mezzanine Capital, L.P., today announced the completion of its third mezzanine financing transaction, a $3.75 million investment in Quest Discovery Services, Inc. (the “Company” or “Quest”), a privately-held litigation support services firm.
The financing provided liquidity to owners of Quest, as well as working capital to continue to grow the Company. "We were very pleased with the professionalism and timely fashion in which NewSpring completed the transaction,” said Ken Croney, Chairman and majority shareholder of Quest. “Not only does this transaction provide my partner and me the liquidity we needed to capitalize our other entrepreneurial endeavors, it strengthened Quest’s balance sheet, supplying additional financial resources needed to ensure we can continue to offer our customers first rate services. The demand for medical and public records acquisition, process serving, document acquisition and deposition reporting continues to grow, and we are excited to have NewSpring as our partner as we pursue these new opportunities,” added Mr. Croney.
Andrew Panzo, general partner at NewSpring Mezzanine Capital, L.P., stated: “We are thrilled to add Quest to our growing portfolio. We have a high degree of confidence in Quest’s management team and their ability to execute. In addition, Quest has a strong track record of growth and of producing positive cash flow. We look forward to working with Quest as they continue to grow their business in the coming years.”
About Quest Discovery Services, Inc.
Quest Discovery Services is a leader in the litigation support industry. The Company offers its clients outsourcing solutions for medical and public records acquisition, including process serving, document acquisition, deposition reporting and other special services. In business for over 25 years, Quest has built and maintained a blue chip customer base of law firms and insurance carriers. Quest has offices in Los Angeles, California and Conshohocken, Pennsylvania.
About NewSpring Mezzanine Capital, L.P.
NewSpring Mezzanine Capital (www.newspringcapital.com) is a regionally-focused mezzanine debt fund that invests in information technology, business services, healthcare and specialty manufacturing and is part of the NewSpring Capital family of funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds which, in addition to NewSpring Mezzanine Capital, 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 enabling technologies and NewSpring Healthcare, L.P., a venture capital fund focused on intermediate-and late-stage life sciences, medical devices and healthcare companies.
