Summer Street Capital has announced that it has invested in New England Orthotic & Prosthetic Systems, a provider of orthotic and prosthetic devices through a network of 30 clinics in New York, Connecticut, Massachusetts, and Rhode Island.
New England Orthotic & Prosthetic Systems (NEOPS) is a provider of orthotic and prosthetic patient care products and services. NEOPS was founded in 1998 by Ronald Manganiello who will continue to serve as NEOPS’s Chief Executive Officer. Mr. Manganiello formed NEOPS around a business model unique within the O&P industry creating a partnership with the company’s branch manager-clinicians. The branch manager-clinicians at NEOPS participated in the transaction economics and all will stay on and continue to own equity in the company. NEOPS is headquartered in Branford, CT with 30 patient care clinics across 4 states (www.neops.com).
“We were strongly attracted to Ron’s track record of success over 26 years in the O&P industry and the unique NEOPS business model which emphasizes the efficient delivery of appropriate, high quality O&P patient care and rewards clinicians for their hard work,” said Summer Street Partner Barry Freeman who leads the firm’s healthcare services investment team. “Ron has demonstrated an ability to attract and retain the best clinicians and provide them an environment and a career path that far exceeds the opportunities elsewhere in the industry. We look forward to working with Ron and the entire NEOPS team in continuing to build on their tremendous success.” Summer Street Capital Partners has approximately $500 million of committed capital focused on investing in small-market companies. Equity investments typically range from $15 million to $50 million in companies with annual revenues of less than $200 million. The investment team is complimented by a team of operating partners who are involved in assisting portfolio companies. The firm is located in Buffalo, NY (www.summerstreetcapital.com).
“Everyone within the NEOPS family is extremely excited about our new relationship with Summer Street Capital. We believe they bring to the table the ideal mix of healthcare industry knowledge, expertise in growing middle market enterprises, and a shared vision for scaling our partnership model with leading clinicians in our markets,” said Ronald Manganiello. “With all the flux occurring in the healthcare marketplace, NEOPS offers established clinicians an appealing combination of large company efficiencies, systems and contracts, flat organization and infrastructure, and the nimbleness and entrepreneurial spirit of an independent operation. Our goal is to provide our clinician-partners the tools necessary to excel as valued members of the patient rehabilitative team alongside physicians, physical therapists, nurses and other key medical professionals.”
