NewSpring Capital Successfully Exits National Legal Services
April 19, 2017
Radnor, PA – April 19, 2017 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, is pleased to announce that it has successfully exited National Legal Services, LLC ("NLS"), a portfolio company of its dedicated mezzanine fund, NewSpring Mezzanine Capital ("NewSpring"). The exit was the result of a strategic sale to Keais Records Service, LLC.
Throughout NewSpring’s investment, NLS, a dominant record retrieval and document preparation company, was able to continually enhance performance and expand its core business by combining two leading third-party subpoena providers to form one of the foremost firms in the industry. In addition, NLS significantly increased revenue and EBITDA as a result of their ambitious growth strategy and entrepreneurial spirit.
“I have had the pleasure of working closely with Ken Croney and his team as they grew their business, becoming a leader in the industry. The team’s dedication produced a positive outcome for all involved,” said Andrew Panzo, NewSpring Partner. “We are extremely pleased to have been part of the success at NLS.”
“I have greatly enjoyed working with Andrew and the NewSpring team,” said Ken Croney, NLS CEO. “NewSpring provided impactful guidance, committing significant strategic and operational resources.”
About National Legal Services
National Legal Services (NLS) is a provider of outsourced legal services primarily in California. NLS’ subsidiaries (Quest Discovery Services and RSP Records) focus on the retrieval and preparation of medical records for insurance companies and their attorneys. The Company currently focuses on the Workers Comp and Medical Malpractice markets. NLS’ goal is to continue expansion both organically and through strategic acquisitions to expand geographic coverage and product offerings. For more information, visit www.questds.com.