NewSpring Announces Completion of Continuation Vehicle Investment in Energage and PX

NewSpring ("the Firm"), a family of private equity strategies, announced today that NewSpring Growth, the Firm’s dedicated growth equity strategy investing in fast-growing, industry-transforming technology companies, has completed an oversubscribed capital raise to create NewSpring Elevate, a Continuation Vehicle that has invested in Energage and PX, two NewSpring Growth Capital IV, L.P. (“NSG IV”) portfolio companies. Blackstone Strategic Partners acted as lead investor in the transaction. NewSpring Elevate provides a liquidity event for existing shareholders and NSG IV investors while reinforcing NewSpring’s commitment to the future growth potential of both Energage and PX.

“Energage and PX are two companies that continue to align with NewSpring Growth’s strategy of actively partnering with high-growth companies, and we’re enthusiastic about this transaction and the potential we see in both organizations. Given Energage’s established industry leadership and expanding monetization potential, coupled with PX’s significant addressable market and proprietary platforms, we see robust opportunities for measurable, sustainable growth.”

Energage is a provider of branding and employee engagement software and services, enabling businesses to measure, understand, and improve employee engagement and retention. The Company runs the "Top Workplace" programs on behalf of media partners such as the Boston Globe and the Chicago Tribune. Energage has both acquired and internally developed software products focused on measuring and improving employee engagement, which has seen an increased spend from organizations and executives.

PX is a technology-driven customer acquisition platform for brands to accelerate their growth by optimizing the performance from their lead sources and scaling faster. Through its embedded marketplace, PX connects brands to millions of leads and calls from hundreds of pre-vetted, compliant sources. With over 14 years of industry experience, PX understands that not all leads are created equal. With dynamic pricing, detailed source performance insights, and sophisticated publisher management, you can pay exactly what the leads are worth to your business.

The additional capital will support organic and inorganic growth, including M&A opportunities, for both companies.

“This transaction exemplifies our strategy of providing custom liquidity solutions in partnership with leading sponsors, while investing behind key themes and in proven assets. Energage and PX are strong players in their respective markets and are well-positioned to drive future growth. NewSpring has done a tremendous job building both businesses, and we’re excited to partner with them and the management teams for the next phases of growth.”

Houlihan Lokey (formerly Triago Americas) acted as the placement agent for the transaction.

“This transaction was well oversubscribed,” said Matt Swain, Head of Direct Placements and Secondaries at Houlihan Lokey. “That’s not surprising, given the quality of the sponsor and the attractiveness of the companies. This is a prime example of a Continuation Vehicle offering liquidity options for existing Limited Partners while enabling the General Partners to continue driving the growth of companies in which they see significant potential.”

This strategic investment continues to reinforce NewSpring Growth’s commitment to backing transformative technology companies and driving sustained value creation across its portfolio. Reflective of this focus, NewSpring Growth’s fifth growth equity fund, NewSpring Growth Capital V, L.P., has deployed over 75% of its committed capital across high-growth companies in the lower-middle market, with an emphasis on capital-efficient growth and disciplined risk mitigation. This progress highlights the strategy’s momentum in advancing portfolio growth across multiple sectors.

About NewSpring

NewSpring is a lower-middle market focused private equity firm that 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 $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having completed over 250 investments, 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.

About Blackstone Strategic Partners

Blackstone Strategic Partners is a global capital solutions provider. They offer a range of liquidity opportunities to both limited and general partners, including secondaries, GP Stakes and co-investments across private markets. Founded in 2000, they are one of the world’s largest and most established secondaries platforms.

About Energage

Energage is a purpose-driven technology company that powers Top Workplaces, the nation’s premier employer recognition program. Analyzing data from a research-backed employee engagement survey, Energage identifies people-first Top Workplaces across the country and regionally in partnership with more than 60 of the nation’s most reputable media outlets. Quarterly national awards include Culture Excellence and Industry recognition. Energage empowers organizations to exceed the competition, evaluate their stand in the market, and engage with employees. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

About PX

PX was founded by Frans Van Hulle and Bas Offers to bring an outmoded industry into the 21st century with technology that provides the transparency, flexibility, and growth advertisers need for their lead buying efforts. Today PX's platform offers access to millions of leads from hundreds of pre-vetted, compliant sources. Advertisers no longer must manage multiple integrations or worry about publisher compliance; with one simple integration, PX handles all. And with dynamic pricing, detailed performance insights, and sophisticated source management, advertisers can pay exactly what the leads are worth to their businesses. PX is based in New York City, with several locations globally. To learn more, visit www.px.com.