NewSpring, Progress Equity Partners, Farragut Capital Partners, and Salem Investment Partners Invest in Hotel Renovation Leader Salisbury Moore

NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, Farragut Capital Partners (Farragut), and Salem Investment Partners (Salem) have invested subordinated debt and equity in support of Progress Equity Partners’ recapitalization of Salisbury Moore, a leading hotel renovation business.

Founded in 2005 and headquartered in Raleigh, North Carolina, Salisbury Moore provides renovation and remodeling services for hotel brands across the U.S. The company also renovates municipal and commercial properties for state agencies and local governments. Salisbury Moore’s ability to provide high quality renovation services at scale and proactively address its customers’ challenges has made it a trusted partner to institutional hospitality investment groups and project management firms.

“Salisbury Moore has built a strong reputation for superior service and executing projects on time and on budget for some of the largest hotel brands in the world. The company has a robust pipeline of large construction projects as demand for hotel renovations and additions continues to rise across the U.S. We’re thrilled to partner with this business and its innovative management team to help it reach new levels of growth.”

The current management team will continue to lead Salisbury Moore and the investment will enable the company to continue its impressive growth.

“Throughout our history, we’ve focused on providing the highest levels of service and construction expertise producing superior outcomes for our hospitality customers,” said Salisbury Moore President Andrew Harvick. “This has led to extraordinary results for our business and our customers. We’ve found amazing partners in Progress Equity, NewSpring, Farragut, and Salem that can provide capital and guidance to take our business to new heights.”

“Andrew and the team have done a tremendous job growing Salisbury Moore into a national renovation leader with a growing customer base of some of the largest hotel brands in the world,” said Steve Sangalis, Partner at Progress Equity Partners. “We see plenty of room for continued growth for this business and are excited to work alongside Andrew and his team to help facilitate the company’s continued expansion.”

“We’re excited to announce our investment in Salisbury Moore and to partner with Progress for a second time,” said Javier Aguirre, Managing Partner of Farragut. “The company is well-positioned to enter a new era of growth under strong leadership and industry acumen as it becomes the premier renovations provider in its vertical.”

“As the need for hotel construction projects and renovations continues to expand across the U.S., Salisbury Moore is well-positioned to capitalize on this opportunity,” said Salem Principal, Logan Trotter. “Salisbury Moore has built close relationships by creating tangible value for its customers, and we’re thrilled to be a part of the company’s continued growth.”

About NewSpring

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 $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 Progress Equity Partners

Progress Equity Partners is a private investment firm based in Denver, CO. PEP partners with successful companies and their owner-operators and founder-entrepreneurs to scale their businesses for further growth. Since our founding in 2006 and working across a variety of industries, we have built a reputation for collaborating with our partners to build sustainable value in lower middle market businesses over the long-term. For more information, please visit www.progressequity.com.

About Farragut Capital Partners

Farragut Capital Partners is a lower middle market private debt and equity firm based in Chevy Chase, MD. With over $500 million under management across three funds, the firm makes mezzanine investments including Unitranche debt, subordinated debt, and equity in operating businesses throughout the United States. Farragut's investments support growth financings, recapitalizations, leveraged buyouts, and acquisitions. The firm has invested in over 60 companies since 2012.

For more information, please visit us at www.farragutcapitalpartners.com

About Salem Investment Partners

Salem Investment Partners is an investment firm with over $500 million under management and specializes in debt and equity investments in lower middle market, privately held businesses. Our principals have completed over 150 transactions in companies across a variety of sectors and business cycles. Our investments generally support acquisitions, recapitalizations, growth financings, LBO’s and MBO’s.

For more information, please visit us at www.salemip.com