Lower middle market private equity firm with five strategies
NewSpring
- HeadquartersRadnor, PA S2
- Founded1999 S10
- Websitenewspringcapital.com
- Last verifiedOctober 26, 2026
At a glance
| Assets under management | $3.5B (as of Oct 2026) S1 |
|---|---|
| Latest fund | NewSpring Mezzanine Capital V, $390M (Jul 2024) S11 |
| EBITDA range | $1M to $10M S4 |
| Check size | $5M to $20M S5 |
| Deal types | Platform, Add-on, Growth, Minority S3 |
| Sectors | IT Services & MSP, Software & SaaS, Healthcare Services, Industrial & Manufacturing, Consumer & Food |
What NewSpring buys
NewSpring, also known as NewSpring Capital, is a Radnor, Pennsylvania firm that has invested only in the lower middle market for more than 25 years and manages over $3.5 billion. It runs five separate strategies. NewSpring Holdings buys majority stakes in tech-enabled services companies with $1 million to $10 million of EBITDA and builds them through add-ons; its current themes include federal IT, ServiceNow consulting, automation and cybersecurity. NewSpring Mezzanine lends subordinated debt, often with an equity stake, to companies with at least $2 million of EBITDA and $20 million of revenue, usually $5 million to $20 million to start.
NewSpring Healthcare makes growth equity investments in healthcare companies with $10 million to $100 million of revenue. NewSpring Growth puts $10 million to $40 million into software and tech-enabled companies with at least $5 million of revenue, and NewSpring Franchise backs brands with 25 or more units. An owner who wants to sell control should talk to Holdings; one who wants capital while keeping control fits Mezzanine or Growth.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Cellipont BioservicesPortfolio company Kincell Bio merged with Cellipont to form Kincellis Advanced Therapies, a cell therapy contract manufacturer with three US sites | Add-on | Healthcare Services | Source |
| Sep 2026 | Iris OnWatchManagement-led buyout of the identity protection company from Redion Group, backed by NewSpring and Signal Cove Capital | Investment | Source | |
| Jun 2026 | Jane WinMezzanine debt and common equity alongside Digital Fuel Capital and Timex Group | Investment | Consumer & Food | Source |
| Feb 2026 | Honest HealthNewSpring Healthcare led a $140 million raise for the value-based care company | Growth | Healthcare Services | Source |
| Feb 2026 | Boston Valley Terra CottaMezzanine position exited in a sale to RAF Equity | Exit | Industrial & Manufacturing | Source |
| Feb 2026 | Magna5Managed IT and cybersecurity platform sold to AEA Investors after nine add-ons | Exit | IT Services & MSP | Source |
| Jan 2026 | ConTeras Industrial GroupMezzanine position in the industrial multi-craft contractor exited to a financial buyer | Exit | Construction Services | Source |
| Jan 2026 | InSource (ServiceNow business)ServiceNow partner added to CoreX | Add-on | IT Services & MSP | Source |
| Nov 2025 | SorceroNewSpring Growth led a $42.5 million Series B | Growth | Software & SaaS | Source |
| Jun 2025 | Wealthcare Capital ManagementAgreement to sell the advisory firm to Sammons Financial Group | Exit | Wealth Management | Source |
| May 2025 | Kincell BioCo-led a $22 million round for the cell therapy manufacturer | Growth | Source | |
| Apr 2025 | Shock ITEastern Pennsylvania and New Jersey managed IT provider added to Magna5 | Add-on | IT Services & MSP | Source |
| Mar 2025 | B-O-F CorporationMezzanine position in the store shelving maker exited | Exit | Industrial & Manufacturing | Source |
| Feb 2025 | SprayEZSubordinated debt and equity alongside Roebling Capital Partners and Providence Investment Partners | Investment | Industrial & Manufacturing | Source |
| Feb 2025 | Catalyst MXESenior subordinated debt and equity backing Bridgeside Capital's control buyout and two agency acquisitions | Investment | Source | |
| Feb 2025 | Volteo DigitalAgreement to add the ServiceNow partner to CoreX | Add-on | IT Services & MSP | Source |
| Jan 2025 | GovDefenderFederal IT modernization firm added to Xpect Solutions | Add-on | IT Services & MSP | Source |
| Nov 2024 | CoreX and ITS PartnersNew ServiceNow consulting platform formed by buying two partners | Platform | IT Services & MSP | Source |
| Oct 2024 | Energage and PXContinuation vehicle led by Blackstone Strategic Partners gave existing holders liquidity | Investment | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S9.
NewSpring Franchise
- Blo Blow Dry Bar
- Central Bark
- Duck Donuts
- Federal Donuts & Chicken
- Great Harvest
- Green Home Solutions
- Shake Smart
NewSpring Growth
- Apica
- Appcues
- aPriori
- Bespoke Post
- CallMiner
- Celigo
- Clutch Holdings
- Cordial
- Deposco
- Dstillery
- Enboarder
- Energage
- ExecOnline
- Fashionphile
- FlashParking
- HomeSource
- Intersection
- Investor Pointe
- Invoca
- Iris OnWatch
- Jones
- Messagepoint
- PX
- SiteSpect
- Skillshare
- Snagajob
- Sorcero
- Star2Star Communications
- Symphonic
- Trio Mobil
- Vacasa
- Venn
NewSpring Healthcare
- AeroSafe
- BetterNight
- Healthworks
- Honest Health
- Kincellis Advanced Therapies (formerly Kincell Bio)
- MacroHealth
- Mangrove Management Partners
- Panorama Eye Care
- Prosperity
- SUN Behavioral Health
- Verisma
- vybe urgent care
NewSpring Holdings
- Bcore
- CoreX
- Protora
- QUODD
- underdog & company
- USPack
- Xpect
NewSpring Mezzanine
- AbelCine
- Aero Components
- Aging with Comfort
- Airiam
- Alongside
- American Standard Circuits
- Beacon Manufacturing Group
- Braner USA
- Burnyzz
- Catalyst MXE
- Central Rock Gym
- Controlled Environment Systems
- Curalta
- Exeter Image Holdings
- Fabulous Floors
- FiberGlass Coatings Inc.
- First Impression Ironworks
- GLH Construction
- Hanson Lab Solutions
- ILoveProduce
- Intero Digital
- Jane Win
- Joneca
- Jor-Mac
- Lawton Standard
- MAC Panel
- Manitowoc Tool & Machining
- Marketbridge
- Mountain Temp Services
- Precision
- Prospect Mold
- Purple RTO
- Radius
- Reva
- Salisbury Moore
- SprayEZ
- Star Plastics
- The Digital Stronghold
- The Virginia Food Group
- Total Care Rx
- Traffic Safety Solutions
- TruFit Athletic Clubs
- Turning Point
- Vac2Go
- VCI Emergency Vehicle Specialists
- Veritas Medical Solutions
- WePackItAll
- Wize Solutions
Greymont’s take
How NewSpring fits a seller
NewSpring is a natural fit for founders of IT services, federal IT and other tech-enabled services businesses with $1 million to $10 million of EBITDA. NewSpring Holdings builds platforms by pairing a founder-led company with an experienced industry executive and then buying regional peers. Magna5 made nine acquisitions, including Shock IT in 2025, before its sale to AEA Investors in February 2026, and CoreX has added Volteo Digital and InSource since it launched in November 2024.
Owners who do not want to sell control have other routes. The mezzanine fund lends with a small equity stake and often backs another sponsor's buyout, as with Catalyst MXE and SprayEZ in 2025. Before going far, ask which strategy you are talking to and whether it takes control, and for a Holdings sale, who will run the company and how long the firm usually holds a platform.
Questions owners ask
Does NewSpring buy IT services companies?
Yes. NewSpring Holdings owns CoreX, a ServiceNow consulting partner, and Xpect, a federal IT contractor, and it sold managed IT provider Magna5 to AEA Investors in February 2026 after nine add-ons. Its mezzanine fund also backs Airiam, a managed IT and cybersecurity provider.
Does NewSpring always take control?
No. NewSpring Holdings is its majority strategy. The mezzanine fund provides subordinated debt with equity, and the growth and healthcare strategies make growth equity investments, often as the lead investor in a larger round.
What size company does NewSpring look for?
It depends on the strategy. Holdings and Franchise look for $1 million to $10 million of EBITDA, Mezzanine for $2 million or more of EBITDA and $20 million or more of revenue, and Healthcare for $10 million to $100 million of revenue.
Is NewSpring's mezzanine fund an SBIC?
Yes. NewSpring Mezzanine Capital V, which closed at $390 million in July 2024, operates as a Small Business Investment Company under the SBA program, which lets it add government-backed leverage to its investors' money.
Sources
- S1NewSpring home page Accessed October 20, 2026
- S2About NewSpring Accessed October 20, 2026
- S3NewSpring: Strategies Accessed October 20, 2026
- S4NewSpring Holdings Accessed October 20, 2026
- S5NewSpring Mezzanine Accessed October 20, 2026
- S6NewSpring Growth Accessed October 20, 2026
- S7NewSpring Healthcare Accessed October 20, 2026
- S8NewSpring Franchise Accessed October 20, 2026
- S9NewSpring: Our Companies (active filter) Accessed October 20, 2026
- S10NewSpring Celebrates 25 Years of Successfully Growing Lower-Middle-Market Businesses (May 1, 2024) Accessed October 20, 2026
- S11NewSpring Raises $390 Million in Fifth Mezzanine Fund (July 23, 2024) Accessed October 20, 2026
- S12NewSpring Exits Managed IT Services Platform Company Magna5 (February 3, 2026) Accessed October 20, 2026
- S13NewSpring News Accessed October 20, 2026
- S14Kincell Bio and Cellipont Bioservices Merge to Form Kincellis Advanced Therapies (September 17, 2026) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with NewSpring. Figures are as reported on the dates shown and may have changed. Request a correction