NewSpring Names Hart Callahan as Partner of Growth Strategy
September 23, 2021
Growing senior team will leverage investment and operating expertise to accelerate the growth of lower-middle market companies and drive fund performance
NewSpring (the "Firm"), a family of private equity strategies, today announced it has promoted Hart Callahan to Partner of NewSpring Growth, the Firm’s dedicated growth and expansion strategy. NewSpring Growth invests in industry-transforming, fast-growing companies with talented, innovative management teams to support their growth.
"The NewSpring Growth team is composed of former operators and investors with a relentless focus on value creation. The promotion of Hart further strengthens this team’s ability to source attractive investment opportunities and help our existing portfolio companies devise innovative growth strategies that bring their businesses to new heights, creating measurable value for both our management teams and our investors," said NewSpring Co-Founder and General Partner Marc Lederman. “We’re thrilled to promote Hart as the Growth strategy continues to invest in disruptive companies that are transforming their industries with new technology-driven solutions.”
Since joining NewSpring in 2014, Hart Callahan has gained experience across nearly every aspect of NewSpring’s business, including fundraising, deal sourcing, and operational guidance as a Board member of NewSpring Growth portfolio companies Deposco, Fashionphile, Open Road Integrated Media, and OS33. He will leverage this expertise in his elevated role as Partner and continue to add value in deal sourcing, underwriting, and portfolio company growth.
This announcement comes on the heels of the final close of the Firm’s fifth growth equity fund, NewSpring Growth Capital V, L.P. (“NSG V”), which received strong support from existing and new investors, including a diverse group of family offices, insurance companies, foundations, fund-of-funds, financial institutions, and university endowments.
"For over 20 years, NewSpring Growth has invested in transformative companies to assist them in scaling their businesses into market leaders. By focusing on the lower-middle market, we've been able to partner with some of the fastest-growing companies in today's economy, which has been instrumental to our strong track record,” said Brian Kim, NewSpring Partner. “With the addition of Hart as well as the close of NSG V, we’re excited about the strategy’s future and look forward to continuing to back innovative companies in the coming months and years."
NewSpring Growth is coming off of one of the most successful six-month periods in the strategy’s history in terms of exits and returning capital to limited partners. In the first half of 2021, NewSpring Growth recorded eight monetizations through strategic acquisitions and public exits representing $3.5 billion in enterprise value, a record-breaking stretch for the strategy. By focusing on creating operational improvements that provide clear and predictable paths to exponential growth, NewSpring Growth produced an average multiple on invested capital in excess of 4.0x on these transactions.
NewSpring's growth and expansion stage strategy has invested in over 70 deals since inception, and NSG V will continue to execute on a strong deal pipeline. Recent investments include Deposco, a leading provider of cloud-based omnichannel fulfillment software solutions, Skillshare, an online creative learning platform, and Fashionphile, a leading buyer and seller of ultra-luxury pre-owned consumer products.
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 approximately $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in nearly 200 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.