News
NewSpring Ventures, L.P., announces the addition of Steven D. Hobman to the Team.
Company Contact:
Michael A. DiPiano
Managing Partner
(610) 567-2380
FOR IMMEDIATE RELEASE
King of Prussia, PA, November, 2003 - NewSpring Ventures, L.P., a $90 million venture capital fund, announced today that Steven D. Hobman, a founding partner, has now joined the firm in a full time capacity. While Steve was a founding partner of NewSpring, he is more well-known as a technology and healthcare banker. Steve formed the region’s first technology lending group nine years ago while at Meridian Bank. He then joined Progress Bank in 1996 and spent six years building TechBanc. In 2001, Comerica Bank’s Technology and Life Sciences Division purchased the business of TechBanc including Steve and his team. In addition to his banking experience, Steve is a seasoned investor, with a strong background in mezzanine financing, having formed the Ben Franklin/Progress Capital Fund, LP ("BFPCG") in 1997. BFPCG was a $9MM subordinated debt fund, which made 15 investments. Steve has been in banking for over twenty years and has been involved with over $400 million in financing transactions. Steve currently serves on the following boards: American Compliance Systems, Inc., Eastern Technology Council, Early Stage East, Neighborhood Health Agencies, Inc., and Rankin Corporation. He has also been Co-Chair of Early Stage East, Sponsorship Co-Chair for the Mid Atlantic Venture Conference and a member of the investment committee for the Ben Franklin Partnership.
Steve’s role will be assisting NewSpring Ventures in sourcing and reviewing investment opportunities. In addition, he will be managing partner of NewSpring Mezzanine Capital Management, LLC, which NewSpring Capital has been formed to commence fund raising for a new mezzanine capital fund. NewSpring Mezzanine’s goal is to raise a $100 million fund, which will focus on subordinated debt financing in the Mid-Atlantic region.
The NewSpring Story
Over the past two years, NewSpring has focused its investments on growth and expansion stage companies in the areas of outsourced business services, information technology, and healthcare. Recent investments include NutriSystems, TMG Health, and GCA Services Group. The NewSpring management team brings an excellent balance of operational and financial experience to the benefit of the portfolio companies.
According to Mike DiPiano, Managing Partner of NewSpring Ventures, "We are delighted to have Steve finally join the team in a full-time capacity. As a founding partner he was instrumental in the formation of NewSpring, and has been a dedicated Investment Committee/Advisory Board Member since the inception of the fund. Creating a mezzanine fund is a natural evolution for NewSpring Capital and will be an additional financing solution for expansion stage companies that are growing organically or through acquisitions."
About NewSpring Ventures, L.P.
NewSpring Ventures, L.P., based in King of Prussia, PA, is a $90 million venture capital fund providing equity capital to growth and expansion stage companies throughout the Mid-Atlantic region, with a focus on information technology, business services, and healthcare. The Fund seeks to invest in companies with proven management, a demonstrated revenue model, significant growth potential and a strategic competitive advantage. Additional information about NewSpring may be found at www.newspringventures.com or by calling (610) 567-2380.
