NewSpring Mezzanine Capital Announces Investment in Sparus Holdings
September 07, 2016
Radnor, PA – September 7, 2016 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital ("NewSpring"), the Firm’s dedicated mezzanine fund, has made a $7.5 million investment in Sparus Holdings (“Sparus”) in partnership with Source Capital LLC, an existing investor in the business. The total borrowings will be used to refinance existing debt and to support the continued growth of the business.
Based in Atlanta, Sparus is a holding company that manages and owns operating businesses, The Spear Group and Southern Cross. Southern Cross offers field services, field products, and software solutions, while The Spear Group specializes in project management and project controls outsourcing to utilities, pharmaceutical companies, and other large industrial customers. Sparus provides strategic direction, management oversight, and financial resources to facilitate growth for Southern Cross and The Spear Group.
“Sparus’ operationally-focused management team has significant industry experience,” said Anne Vazquez, NewSpring Partner. “With their strong leadership, this Company has seen substantial revenue growth. Coupled with a solid blue-chip customer base, we are confident that Sparus will continue to drive success.”
“We are excited to partner with NewSpring Capital and appreciate the continued support of Source Capital LLC,” said Richard Summers, Chief Executive Officer of Sparus. “This financing will help Sparus continue to expand our offering as a best-in-class field service company.” About Sparus Holdings Sparus, through its wholly owned subsidiaries, Southern Cross Corporation and The Spear Group, provides outsourced utility field services and project management outsourcing services. Southern Cross has been a trusted partner of utilities across North America for seventy years, offering field services, field products, and technology solutions. The Spear Group was founded in 1981 and provides outsourced project management services through a diverse network of experienced professionals throughout the United States.