[author: Robert Kurtz]
NewSpring Health Capital and Veronis Suhler Stevenson (VSS) announced the completion of an investment in BRC Recovery Family of Programs (BRC).
BRC, based in Austin, Texas, provides treatments to adults with substance use disorders, such as alcoholism, drug dependence and other addiction disorders.
NewSpring, based in Radnor, Pa., is a private investment firm that seeks investments in growth companies with large market opportunities. Founded in 1999, the firm invests in several industries, including healthcare. One of its investment funds — NewSpring Healthcare — specifically targets healthcare companies across the healthcare services, specialty pharmaceutical and medical technology sectors.
VSS, based in New York, is a private investment firm that invests in healthcare and a few other industries. Founded in 1987, the firm partners with lower middle-market companies and makes control or non-control capital investments.
Following the investment, BRC Healthcare was formed. This new entity serves as the holding company for BRC and future acquisitions.
Financial terms of the private transaction were not disclosed.