NewSpring Capital, a family of private equity funds, announced today that its portfolio company, MinSec Holdings, Inc., ("MinSec") has merged with Community EducationCenters of West Caldwell, New Jersey ("CEC"). MinSec operates community corrections facilities, behavioral health treatment centers and outpatient programs for the rehabilitation of early release, non-violent individuals in federal, state and local criminal justice systems. CEC is a leading provider of reentry treatment and education services for adult correctional populations throughout the United States. CEC is firmly committed to partnering with government agencies to provide intensive reentry treatment and education programs that focus on changing addictive and criminal behaviors, preparing offenders for reentry, and ultimately reducing recidivism.
"As complimentary providers of community corrections in Pennsylvania, MinSec has always maintained a high regard for CEC as the industry leader," stated Brian Murphy, Chairman of MinSec. This merger creates a unique opportunity to further position Pennsylvania as a leader in community corrections rehabilitation. We look forward to supporting management in the continued success of CEC."
Post-merger, MinSec operations will enhance CEC's presence in Pennsylvania with the capacity to serve over 7,200 individuals through its residential and non-residential reentry programs, in-prison treatment services, county jail management services, and veterans programs.
NewSpring Health Capital served as co-lead investor in the growth equity financing and NewSpring Mezzanine Capital served as the lead Mezzanine investor of MinSec in June 2010. As a result of the merger, NewSpring Mezzanine Capital exited its investment in MinSec while NewSpring Health Capital remains an investor in CEC. In addition, NewSpring Health Capital Partner, Brian Murphy, will join the board of directors of CEC.
About Community Education Centers, Inc.
Community Education Centers, Inc. (CEC) is a leading provider of offender reentry and in-prison treatment services in America, operating in 18 states and the Commonwealth of Bermuda, with over 30,000 individuals in its daily care. CEC provides a full range of therapeutic residential and non-residential reentry services with a documented record of reducing recidivism. The company is located in West Caldwell, New Jersey.