Curalta Foot & Ankle Partners with NewSpring and BPEA to Fuel Continued Growth

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Aug 10, 2023, 08:00 ET

Investment will be used to pursue geographic expansion and grow suite of foot and ankle care services

RUTHERFORD, N.J., Aug. 10, 2023 /PRNewswire/ -- Curalta Foot & Ankle (Curalta), a leading network of foot and ankle healthcare providers, today announced that NewSpring, a family of private equity strategies, has invested preferred equity and provided a delayed draw senior subordinated debt facility to the company through its dedicated private credit strategy, NewSpring Mezzanine. BPEA Private Equity and current Curalta investors, including North Haven Capital and Bluwave Capital, supported the remainder of the company's Series B financing round.

As demand for foot and ankle care rises across the U.S., Curalta will leverage the proceeds of this transaction to continue its growth in the northeast, which it plans to do through acquisitions and the development of ancillary foot and ankle care specialties to provide greater value to patients and health systems.

"We saw the need to create an integrated offering for foot and ankle care in order to achieve better outcomes for patients," said Curalta CEO Burt Rubin. "Curalta was born from an opportunity to unite the fragmented podiatry industry. We're excited about this partnership with NewSpring and look forward to continuing to serve more patients in need of this life-improving care."

Curalta is the largest fully integrated network of podiatrists and foot and ankle care specialists in the northeastern U.S., with 21 locations spread across New York and New Jersey. The company serves a wide range of foot and ankle conditions, including sports injuries, pediatric podiatry needs, traumas, fractures, and more.

"At Curalta, our mission is focused on clinical excellence, care coordination, and outstanding customer service for patients," said Curalta Chief Growth Officer Oren K. Isacoff, MD, MBA. "By creating a team-based approach for the lower extremity, we are better able to achieve this vision alongside our doctors who not only share these values, but also benefit from becoming partners in Curalta and from accessing exciting career enhancement opportunities uniquely available within this care delivery model."

NewSpring Mezzanine partners with business owners, either independently or with other financial sponsors, to provide a wide range of flexible mezzanine debt and equity solutions to lower-middle-market businesses. The firm has significant experience in the healthcare industry and will leverage its operational expertise to help Curalta continue to expand into new markets.

"As demand for foot and ankle healthcare continues to grow, patients are in need of holistic providers that can offer a wide range of high-quality care throughout the course of their lives," said NewSpring Capital General Partner, Andrew Panzo. "Management has done a tremendous job establishing the company's infrastructure and has positioned the business well for continued expansion. We're excited to work with the Curalta team to take this business to new levels of growth."

About Curalta
Curalta Health is the largest and foremost network of podiatrists in the Northeast, focused on delivering high-quality, complete foot and ankle care. Curalta's providers combine decades of experience with a forward-thinking, innovative approach to treatment in order to maximize patient outcomes and experiences across all lower extremity conditions. Curalta delivers exceptional service to patients by offering best-in-class administrative support to its practices and providers. For more information, please visit www.curalta.com.

About NewSpring Capital
NewSpring Capital partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring Capital brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring Capital identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.

SOURCE NewSpring