News
NUTRISYSTEM, INC. CEO NAMED “ENTREPRENEUR OF THE
YEAR” BY FORBES MAGAZINE
Company Ranks First on Forbes’ List of 200 Best Small Companies
King of Prussia, PA – October 18, 2006– NewSpring Capital announced today that one of its portfolio companies, NutriSystem, Inc., was ranked first on the Forbes’ List of the 200 Best Small Companies and that company CEO, Michael Hagan was named “Entrepreneur of the Year.” The list, included in the October 30 issue of Forbes magazine, rated public companies based on sales, earnings growth and return on equity among other criteria.
NewSpring Capital financed Michael Hagan’s venture buyout of NutriSystem in December 2002. The firm led the $9.6 million financing with a $3 million investment. Under Mr. Hagan’s leadership, the Company has grown from $27 million in sales to a company expected to do more than $500 million in sales in 2006. Since NutriSystem joined the NewSpring Capital portfolio in 2002, the stock price has appreciated over 10,000%.
NewSpring Capital is very pleased to be associated with NutriSystem and Michael Hagan. “Mike and his management team deserve this honor which recognizes not only their dedication and hard work, but the tremendous operational results they have produced to date and expect to continue to produce,” stated Michael DiPiano, Managing Partner of NewSpring Capital. Mr. DiPiano added, “It has been a pleasure serving on the Board of Directors with Mike for the past 4 years. He is a great entrepreneur and true leader.”
About NutriSystem
NutriSystem (NASDAQ: NTRI) is a leading provider of weight management products and services. The company offers a weight loss program based on portion-controlled, lower Glycemic Index prepared meals. The program has no membership fees and provides free online and telephone counseling.
About NewSpring Capital
NewSpring Capital, based in King of Prussia, PA, manages a family of private equity funds which provide growth equity and mezzanine debt financing to growth and expansion stage companies with a focus on business services, healthcare, life sciences, specialty manufacturing and technology. NewSpring Capital focuses primarily on businesses in the mid-Atlantic region and invests between $3-$7.5 million per transaction in round sizes up to $30 million. For more information about NewSpring Capital and its family of funds, visit www.newspringcapital.com.
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