Profile

For more than 25 years, NewSpring Capital has worked alongside founders and management teams in the lower-middle market, providing capital, operational support, and strategic guidance to help businesses scale. With over $3.5 billion in assets under management and more than 250 investments completed, the firm brings operational experience and investment expertise to build market-leading companies across sectors such as technology, healthcare, business services, consumer, and industrials. Through five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt, NewSpring tailors its approach to each company’s stage and goals, always with a focus on sustainable growth. As specialists in the lower-middle market, the firm supports growth that leads to more predictable outcomes. At NewSpring, the firm is as invested in your outcome as you are.

www.newspringcapital.com

Awards

2026 Top Healthcare Investors

2025 Top Private Equity Firms, Top Software Investors, Top 40 Under 40 Growth Investors, Top Growth Equity Firms

2024 Top Growth Equity Firms, Top Private Equity Firms, Top Women Leaders

2023 Top Growth Equity Firms, Top Private Equity Firms

2022 Top Private Equity Firms

2021 Top Growth Equity Firms

2020 Top Growth Equity Firms

2018 Top 40 Under 40 Growth Investors

2016 Top 40 Under 40 Growth Investors

2015 Top Growth Equity Firms, Top 40 Under 40 Growth Investors

Features

NewSpring Capital’s Brian Kim and Lee Garber on Growth Equity and Buyout Investing

GrowthCap’s RJ Lumba spoke with Brian Kim and Lee Garber on February 13, 2019. Brian is a Partner in technology growth equity and Lee is a Principal leading the firm’s holdings strategy at NewSpring Capital, a private investment firm with $1.8 billion in assets under management.

NewSpring Health Capital: Brian Murphy

GrowthCap’s RJ Lumba spoke with Brian Murphy on July 30, 2014. Brian is a General Partner at NewSpring Capital, where he leads NewSpring Health Capital, a healthcare-focused growth equity fund.

Key People

Mike DiPiano, Managing General Partner and Co-Founder

Michael DiPiano is Managing General Partner and co-founder of NewSpring. He is a General Partner of the Firm’s dedicated growth equity funds and serves as a member of the investment committee of all NewSpring funds. Before co-founding NewSpring, Mike was a serial entrepreneur and investor. Mike has led or co-led investment into companies in the business services, healthcare, and information technology industries. Previously, Mike was affiliated with Safeguard Scientifics Inc. from 1996 to 1998 (NYSE:SFG) and was a division CEO and Director of Chemical Leaman Corporation from 1990 to 1996.

Marc Lederman, General Partner and Co-Founder

Marc Lederman is a co-founder of NewSpring and a General Partner of the Firm’s dedicated growth equity funds. He serves as a member of the investment committee of all NewSpring Growth and NewSpring Mezzanine funds. Marc has an extensive background in finance, investing, consulting, and accounting and was a Certified Public Accountant. Prior to co-founding NewSpring, he was a Manager in the Business Assurance and Advisory Services Group of Deloitte.

Jon Schwartz, President and Chief Operating Officer

Jon Schwartz is President and Chief Operating Officer of NewSpring. He oversees all operational aspects of the firm and its strategies including finance, administration, compliance, legal, infrastructure, human resources, branding, operations, strategy, and new initiatives. Jon also serves as Chief Compliance Officer for the Firm. He is a CPA (inactive) with more than 25 years of experience working in private equity and with other asset management organizations. Prior to joining NewSpring in 2004, he was Director of Finance and Administration at EnerTech Capital, an energy technology venture capital firm.

Funds Raised

There is massive opportunity for growth in the lower middle market, and those opportunities are complex and diverse. NewSpring has been investing exclusively in this nuanced space for 25+ years, and its expertise extends across a range of transaction types and evolving industries. NewSpring’s growth strategy is different than many other firms. The firm opted to extend its expertise to new strategies and industry sectors, while keeping its fund sizes relatively consistent to optimize return potential for investors. Its capital solutions are focused into five distinct strategies to support the companies it believes in:
— NewSpring Growth: Actively supports founders and entrepreneurs, delivering working capital to scale fast-growing technology companies.
— NewSpring Healthcare: Thesis-driven strategy focused on partnering with healthcare companies addressing key issues that positively impact health outcomes across the care continuum.
— NewSpring Mezzanine: Private credit strategy that provides flexible capital to business owners— either independently or with financial sponsors— to build growth, acquisitions, and recapitalizations through senior subordinated debt and equity structures.
— NewSpring Holdings: Focused on long-term platform builds and leverages proven operational methodologies to accelerate the growth of family-run and owner-operated companies, creating institutionalized platforms of scale.
— NewSpring Franchise: Investing in innovative franchise and multi-unit concepts with compelling brand and customer value propositions within large and growing markets.

Key Investments

Joseph’s Gourmet Pasta: Exited 08/2025

Joseph’s is a leading manufacturer and marketer of premium frozen stuffed pasta for the food service, retail, and industrial channels.

Kincell Bio: Invested 5/2025

Kincell Bio is a scientifically focused, cell therapy development and manufacturing company.

Innovid: Exited 02/2025

Innovid is the world’s leading video platform, empowering advertisers to create, deliver, and measure the most innovative video experiences on any device and media outlet, while increasing scale, efficacy, and ROI.

Catalyst MXE: Invested 01/2025

Catalyst MXE is a broad-based marketing agency with deep capabilities in creative, events, and experiences.

Spray EZ: Invested 01/2025

SprayEZ is a leading manufacturer, assembler, and distributor of spray foam insulation rigs and supplies, providing a full suite of insulation rigs, machines, chemicals, and equipment, including spray guns, transfer pumps, air dryers, hoses, generators, and air compressors.

Capital Responsibility

NewSpring is committed to evaluating material Responsible Investment (“RI”) factors, which are defined as: 

— Those issues that the Firm determines have (or have the potential to have) a materially direct, or substantial, impact on a portfolio company’s ability to create or preserve economic value, as well as environmental and social value for the portfolio company itself and its stakeholders.

NewSpring seeks to integrate the consideration and thoughtful management of RI issues throughout the investment cycle of each portfolio company. RI Integration is one strategy used by investment managers to incorporate RI and ESG into the investment process and is generally defined as “the explicit and systematic inclusion of ESG issues in investment analysis and investment decisions”. 

NewSpring has developed two practices specific to the investment lifecycle:

1. Due Diligence

— Review of Risks: Evaluation of material RI risks and the management team’s current practice(s) to manage such risks.

— Review of Opportunity: Determination of RI opportunities to address such risks, including the materiality and practicability of such opportunities.

2. Investment Management RI Review

— Investment professionals will review RI issues, risks, and opportunity areas periodically.

CEO Reviews

Vanessa Yakobson, Blo Blow Dry Bar CEO, NewSpring Franchise investment

“NewSpring has helped us professionalize our operation, establish some best practices, and create new positions on our corporate team that didn’t exist before.”

Dave Lysack, C Speed CEO, NewSpring Holdings investment

“We’re entering a pivotal phase of expansion, and NewSpring Holdings brings the expertise, network, and strategic support we need to help us capitalize on new opportunities. We’re thrilled to partner with the entire NewSpring team as we seek to leverage our technology in new ways to address emerging threats.”

Mike Ferretti, Great Harvest CEO, NewSpring Franchise investment

“Partnering with NewSpring Franchise is the perfect next step, as their impressive track record of elevating and expanding franchise concepts, coupled with their deep investment and operational experience, will be critical to driving our continued success. I am eager to collaborate with Patrick Sugrue and Satya Ponnuru as new members of our Board of Directors to help guide the brand’s future expansion.”

Mike Boulanger, Lynn Electronics CEO, NewSpring Mezzanine exit

“With NewSpring’s support, we were able to expand our service offerings and grow into new geographies in ways that powered our fast growth. We’re extremely grateful to the entire NewSpring team for helping us reach our potential up to this point and look forward to our new partnership with NSI as we continue taking our business to new heights.”

Jorge Brea, Symphonic CEO, NewSpring Growth investment

“Partnering with NewSpring has been transformative for Symphonic. They have been great partners to work with, very collaborative and willing to provide insight that can help us grow and scale the business. I am very glad to have them on as a partner and appreciate their attention to detail, willingness to let us work with their network, and further, their trust. We are excited to create unique product offerings that will help grow revenue and provide a strong return to the group.”

Marty McKenna, Verisma CEO & President, NewSpring Healthcare investment

“NewSpring brought the knowledge, connections, and business discipline we needed to scale Verisma to the next level. Their guidance and expertise have enabled us to unlock the company’s potential.”