NewSpring Exits Portfolio Company Yorktel
October 04, 2019
Radnor, PA – October 4, 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 Yorktel, a leading global provider of cloud and managed services, as a result of a refinance and a minority interest investment.
Since NewSpring’s initial investment in Yorktel, the Company has grown significantly into one of the industry’s leading providers of end-to-end collaboration and IT services. As modern workforces break geographical barriers and perform more work outside of a physical office, Yorktel gives companies advanced tools to enhance employee collaboration and communication. Yorktel continues to innovate and broaden its suite of IT consulting and communications products and services for health care, large enterprise, and federal government customers.
With NewSpring’s backing, Yorktel has launched new subsidiaries to better serve its customers’ evolving needs, including Caregilitiy, which caters to the telemedicine marketplace. Led by CEO Ron Gaboury, Yorktel has won countless industry accolades, established itself on the cutting edge of IT consulting and communication, and has more than tripled its revenue and profit over the last ten years.
“From our first meeting with Yorktel, I knew this was a Company that we wanted to support. It was run by innovative and high-performing entrepreneurs and was well-positioned to capture a significant share of an expanding market,” said Andrew Panzo, NewSpring General Partner. “Since then, Yorktel has exceeded our expectations and carved out a competitive position as a global leader in the cloud and managed services sector. We are proud to have played a part in Yorktel’s growth story and look forward to seeing their continued success.”
“We have greatly enjoyed working alongside Andrew and the rest of the NewSpring team and appreciate their close partnership and depth of expertise, which has enabled us to grow to this point,” said Gaboury. “At Yorktel, we always have an eye on the future as we look to continue bringing our game-changing communication and collaboration tools to new clients in new geographies. We’re excited to embark on this next chapter of growth.”
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
Yorktel is a leading global, cloud platform and managed services provider for health care, large enterprise, and federal government customers. Yorktel’s Univago HE enables customers, on one universal platform, to successfully integrate secure, reliable 2-way audio video into all patient/clinician interactions, with unique workflows designed to fit any patient engagement, safety or assessment need. For more information, visit Yorktel online at www.yorktel.com. Follow Yorktel on Twitter: @yorktelcorp.