The Bottom Line: NewSpring Exits ConTeras Industrial Group

NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, has exited its investment in ConTeras Industrial Group (“ConTeras”) to a financial buyer.

ConTeras is a leading national industrial and commercial multi-craft service contractor

With over 150 years of combined operating history, ConTeras provides mission-critical specialty services including industrial insulation, scaffolding, coatings, shoring, access systems, and turnaround support to customers across power generation, chemical, commercial, manufacturing, and other critical infrastructure end markets. 

ConTeras was formed through a series of strategic transactions

Through a partnership between Lowe Capital, Midwest Growth Partners, Spring Capital, Parkway Capital and NewSpring, ConTeras was established through the initial acquisition of Incorp Industries ("Incorp") in 2020, followed by the subsequent acquisitions of East Coast Rigging and Scaffolding ("ECRS") in 2021, Gastonia Pipe, Boiler, Duct & Insulation and Anchor Scaffolding in 2023, and Performance Insulation Contractors ("PIC") in 2025. Each of these businesses brought additional mission critical services, deep technical capabilities, strong market knowledge, and strong customer loyalty, with well-established business entity teams committed to providing superior services.

“NewSpring provided us with capital and operational support at a crucial time in our company’s evolution into a leading multi-craft service contractor. NewSpring’s partnership, deep network, and M&A expertise were instrumental to our success acquiring and integrating businesses that have significantly expanded our suite of services. As a result, ConTeras is well positioned for continued growth and success.” – Adam Mohr, Chief Executive Officer of ConTeras

ConTeras has grown significantly throughout NewSpring’s investment

Over the course of NewSpring’s investment, ConTeras grew its annual revenue and EBITDA by more than 5x at the time of exit.  Total headcount has also increased significantly from 264 at investment to more than 1,050 across all operating entities.

“At NewSpring Mezzanine, our goal is to help lower-middle-market companies take critical steps forward in their growth and evolution. At investment, ConTeras had a solid foundation with plenty of runway for further expansion. Together with Adam and their management team, we made strategic investments in acquisitions and additional services to ensure the company’s long-term growth. We wish Adam and the entire ConTeras team continued success in the future.” – Greg Barger, NewSpring General Partner