News
RecoverCare, LLC Closes $5 Million in Mezzanine Capital Financing
PRESS RELEASE
FOR IMMEDIATE RELEASE
PLYMOUTH MEETING, PA – October 8, 2004 – RecoverCare, LLC, a privately-held, specialty support surfaces and bariatric wound care company, announced today that it has raised $5 million in mezzanine capital financing for growth and expansion of the business. The financing was provided by NewSpring Ventures and NewSpring Healthcare.
Related to the financing, RecoverCare also announced that Brian G. Murphy, of NewSpring Ventures has joined RecoverCare’s board of directors.
“This financing will provide RecoverCare with the resources to continue to invest in sales and marketing as well as selected acquisitions. We believe it is an opportune time to aggressively grow our business and add additional institutional investors to our ownership base,” stated Jon Winer, RecoverCare’s Chief Executive Officer.
“We believe that RecoverCare is extremely well positioned to become a dominant player in this important and growing segment of the healthcare industry. Current market conditions continue to drive the needs of institutional providers to purchase specialty bariatric products and services,” said Brian G. Murphy of NewSpring Ventures.
About RecoverCare
RecoverCare, LLC. (www.RecoverCare.com), provides low air loss mattress and overlays, preventative foam and gel products and specialty hospital beds and patient transfer systems to acute care hospitals, nursing homes, and other providers of wound care services.
About NewSpring Ventures and NewSpring Healthcare
NewSpring Ventures and NewSpring Healthcare, located in King of Prussia, Pennsylvania are private equity funds affiliated with the NewSpring Capital fund family. NewSpring Capital manages in excess of $200mm, investing in healthcare, business services, and information technology within the Mid-Atlantic region.
About Commerce Bank
Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with nearly 300 convenient locations in New Jersey, New York, Pennsylvania and Delaware. In 2004, the bank plans to open 50-plus new locations and create 1,800 new career opportunities throughout its territory. Headquartered in Cherry Hill, N.J., Commerce Bank (NYSE: CBH) has $26.7 billion in assets and, in second quarter 2004, achieved a deposit increase of 35% and earnings per share growth of 25%. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com.
Contact Information:
RecoverCare
Jon Winer
610.940.919
NewSpring Ventures and NewSpring Healthcare
Brian G. Murphy
610.567.2383
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