The Bottom Line: NewSpring Exits Spiro Health
May 18, 2021
NewSpring, a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has exited its investment in Spiro Health, made in partnership with Upstream Capital, through a strategic sale to AdaptHealth.
Spiro Health has emerged as a leading provider of medical supply products and services delivered to patients in the home
Originally formed through the combination of three sleep health and respiratory care providers, Spiro Health has grown into a leading provider of essential home medical equipment (HME) on the East Coast. Today, the Company offers a diverse set of products and supplies that promote total sleep health and respiratory care. By leveraging new technology solutions, the Company provides patients and partners with a seamless experience when ordering critical HME and supplies.
Spiro Health leveraged its position as an intermediary on the care continuum to fuel fast growth
Spiro Health has dedicated itself to making it easier for patients to receive their HME in pursuit of better health and wellness. By operating in a critical place in the care continuum between the patient, physician, and insurance provider, Spiro Health was able to capture a greater share of the growing home-delivered HME market and help more patients get access to the critical equipment they need. Spiro Health’s best-in-class patient and referral partner experience and technology platform were also driving factors behind the Company’s fast growth.
NewSpring and Spiro Health’s partnership led to successful growth and innovation
“Spiro Health’s management team has done a tremendous job capitalizing on the growing demand for HME by creating a leading home delivery solution that provides patients with fast, easy access to sleep health and respiratory care products that lead to improved overall health and wellness,” said Steve Hobman, NewSpring General Partner. “We’re thrilled with the Company’s progress and are honored to have played a part in Spiro Health’s growth story.”
“Spiro Health continues to find innovative ways to serve our customers up and down the East Coast by working with patients, physicians, and insurance providers to create a seamless HME buying and delivery experience. This dedication to providing patients with HME that leads to a superior quality of life has served as a critical driver of our growth. We’re grateful for Steve and the entire NewSpring team for their partnership and guidance that have been essential to our Company’s overall success.”