NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it has served as Joint Lead Arranger and Syndication Agent in connection with a senior financing provided to CT Technologies, Inc ("HealthPort"), a portfolio company of ABRY Partners, LLC ("ABRY"). NewStar partnered with GE Capital to jointly underwrite and arrange the senior financing. The net proceeds of the senior financing were used to support the acquisition of ChartOne, Inc ("ChartOne") and refinance existing HealthPort debt. ABRY is a private investment firm specializing in investments in the media, communications and information/business services sectors with approximately $2.75 billion of total capital under management. Since 1989, Boston-based ABRY has completed over $21.0 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in more than 450 media properties. In addition to HealthPort, ABRY's portfolio of business services companies that serve the healthcare industry includes Executive Health Resources, Gould & Lamb and KnowledgePoint360.
HealthPort, located in Alpharetta, GA, combines technology and strategic solutions to continually improve fragmented business processes for the healthcare community. HealthPort offers revenue cycle management, electronic medical record, electronic document management, onsite conversion, practice management, release-of-information, and healthcare consulting services. HealthPort is the one-source provider, offering the widest selection of affordable, quality health information products and services in the industry.
ChartOne, located in Burlington, MA, is the leading provider of release-of-information services and technology to hospitals nationwide. ChartOne has a long-standing reputation for helping hospitals overcome the inefficiencies of managing paper-based medical records to improve hospital productivity, profitability, and patient care.
"NewStar is proud to help unite HealthPort and ChartOne, which together form the dominant provider of outsourced release-of-information services. We look forward to offering continued financial support to ABRY's investment and HealthPort's exceptional management team," said David Dobies, Group Head, Middle Market. "This is the fourth transaction NewStar has financed for ABRY over the past year. Additionally, the success of this transaction affirms NewStar's viability and balance sheet strength in an extremely challenging credit environment and underscores our status as a trusted, value added source of debt financing for our financial partners."
NewStar's deal team for the transaction included Scott Reeds, Mark du Four, Walter Marullo, Greg Pachus, Jim Synborski, and Chris Macios.
About NewStar Financial, Inc.:
NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle market. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders.
NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Diego CA, and Charleston SC. For more detailed transaction and contact information please visit www.newstarfin.com.