NewSpring Capital Announces The Recapitalization Of Precyse Solutions
May 30, 2008
RADNOR, PA, May 30, 2008 – NewSpring Capital, of Radnor, PA and Short Hills, NJ, announced today that NewSpring Health Capital, the dedicated healthcare fund of the NewSpring Capital fund family, recapitalized Precyse Solutions of Wayne, PA alongside Altaris Capital and management. NewSpring and Altaris will be taking over majority interest in the company from its existing investors, Liberty Partners and Toronto Dominion Capital.
Precyse Solutions is one of the leading, nationwide providers of health information management consulting solutions and medical transcription services to healthcare providers in the U.S. At conclusion of the recapitalization, Precyse Solutions will resume its aggressive growth plans through a renewed focus on investment in major strategic assets, companies, and technologies that add value to Precyse Solutions and its customers. “The investment from NewSpring and Altaris not only enables Precyse to continue its growth plans, but it is also a true statement of Brian Murphy’s and Mike Kluger’s and each of their respective fund’s confidence in Precyse, its management team and its future opportunities to create value for investors,” said Jeffrey Levitt, CEO and Founder of Precyse Solutions. “We are very fortunate to have partners with such broad healthcare industry expertise as well as a deep understanding of our company, its goals and values,” said Levitt. “We couldn’t be happier with Brian and Mike and their teams’ decisions to invest and bring such valuable resources to the table.” “We are extremely excited about the future of Precyse as a solutions provider to the health information departments of hospitals. As the complexity of hospital administration and billing functions continue to increase, companies like Precyse will be called upon to provide efficient, long term solutions,” said Brian Murphy, Partner of NewSpring Capital. “It is clearly a great opportunity for this very talented management team to continue to optimize.” As part of this recapitalization, Brian Murphy will join the Precyse Solutions’ Board of Directors.