The Bottom Line: NewSpring Invests in Curalta Foot & Ankle
August 10, 2023
NewSpring, a family of private equity strategies, announced today that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, has invested preferred equity and provided a delayed draw senior subordinated debt facility in Curalta Foot & Ankle (Curalta) alongside BPEA.
Curalta is a leading network of foot and ankle healthcare providers
Curalta is the largest fully integrated network of podiatrists and foot and ankle care specialists in the northeastern U.S., with 21 locations spread across New York and New Jersey. The company serves a wide range of foot and ankle conditions, including sports injuries, pediatric podiatry needs, traumas, fractures, and more.
“At Curalta, our mission is focused on clinical excellence, care coordination, and outstanding customer service for patients. By creating a team-based approach for the lower extremity, we are better able to achieve this vision alongside our doctors who not only share these values, but also benefit from becoming partners in Curalta and from accessing exciting career enhancement opportunities uniquely available within this care delivery model.”
Curalta will use the proceeds to pursue geographic expansion and grow its suite of foot and ankle care services
As demand for foot and ankle care rises across the U.S., Curalta will leverage the proceeds of this transaction to continue its growth in the northeast, which it plans to do through acquisitions and the development of ancillary foot and ankle care specialties to provide greater value to patients and health systems.
“We saw the need to create an integrated offering for foot and ankle care in order to achieve better outcomes for patients. Curalta was born from an opportunity to unite the fragmented podiatry industry. We’re excited about this partnership with NewSpring and look forward to continuing to serve more patients in need of this life-improving care.”
This investment aligns with NewSpring’s experience in the healthcare sector
NewSpring Mezzanine partners with business owners, either independently or with other financial sponsors, to provide a wide range of flexible mezzanine debt and equity solutions to lower-middle-market businesses. The firm has significant experience in the healthcare industry and will leverage its operational expertise to help Curalta continue to expand into new markets.
“As demand for foot and ankle healthcare continues to grow, patients are in need of holistic providers that can offer a wide range of high-quality care throughout the course of their lives. Management has done a tremendous job establishing the company’s infrastructure and has positioned the business well for continued expansion. We’re excited to work with the Curalta team to take this business to new levels of growth.”