NewSpring Capital, a family of private equity funds providing growth and expansion capital to the Mid-Atlantic region, announced today that NewSpring Mezzanine led a subordinated debt financing in Atlantic Diagnostic Laboratories, LLC. ("ADL"). NewSpring partnered with Argosy Private Equity ("Argosy") and Capricorn Investment Group ("Capricorn") who led the preferred equity investment. The proceeds of the transaction were used to acquire the assets and provide working capital for future growth of the Company.
Incorporated in 2007, ADL, located in Bensalem, PA, is a full service laboratory providing microbiology, chemistry, toxicology, immunology, and virology testing. "ADL offers differentiated services with its expansive testing menu and quick turnaround time," said Aaron Domenico, CEO of ADL. "The ADL management team welcomes our new partners, Argosy, Capricorn, and NewSpring, and looks forward to working with them."
"ADL is a terrific addition to the NewSpring Mezzanine portfolio as the Company has a breadth of services which are supported by industry leading technology and a strong management team," said Andrew Panzo, General Partner at NewSpring. "We look forward to partnering with the management team at ADL and assisting the Company in achieving its goals."