NewSpring Exits Portfolio Company Brown & Joseph
July 12, 2019
Radnor, PA – July 12, 2019 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine ("NewSpring"), the Firm’s dedicated mezzanine strategy, has successfully exited Brown & Joseph (or the “Company”), as a result of a sale to a financial buyer.
Based in Itasca, IL, Brown & Joseph specializes in B2B third-party collection services while also providing first-party collections and insurance premium audits. The Company has earned a winning reputation within the commercial debt collection industry by delivering high quality, effective, and innovative solutions to its customers. The Company’s proven approach to the recovery process delivers market-leading performance for its customers providing them with strong retention and growth with existing customers.
Throughout NewSpring’s investment, the Company has extended their ability to deliver effective and innovative solutions for accounts receivable management, while delivering a sustained level of high-quality services. Within the last year, Brown & Joseph continued to make key strategic hires, adding to the depth of the management team while opening a new office location in Indianapolis, allowing them to better improve their processes and add value to existing and future clients.
“NewSpring was able to leverage its commercial collections experience to provide us the opportunity to achieve meaningful growth, expanding our capabilities to serve our existing and new customers,” commented Mark Schabel, Brown & Joseph CEO. “We have enjoyed working alongside Andrew Panzo and the NewSpring team and appreciate their strategic support and industry expertise.”
“Mark and the management team at Brown & Joseph have dedicated the necessary resources to grow the Company’s capabilities, allowing them to expand strategically and geographically,” said Andrew Panzo, NewSpring General Partner. “We are excited for this new phase of growth for Brown & Joseph and are eager to see the Company’s advancements on their already strong record of success.”
About Brown & Joseph
Founded in Chicago in 1996, Brown & Joseph provides commercial debt collection services to the insurance, health, logistics, staffing, and telecommunications industries. They set the highest standards in licensure, compliance, bonding, and insurance coverages that exceed state and federal mandates. Their diverse portfolio of specialized debt recovery and receivable management services are unrivaled by conventional collection agencies. For more information, visit brownandjoseph.com.