A new partnership between a private equity firm and a Connecticut-based clinical organization aims to expand high quality orthotic and prosthetic care in the northern US. A recent news release reports that Buffalo, NY-based equity firm Summer Street Capital II, LP, has opted to invest in New England Orthotic & Proshetic Systems (NEOPS), Branford, Conn. NEOPS serves as a provider of orthotic and prosthetic devices with 30 clinics based in New York, Connecticut, Massachusetts, and Rhode Island.
The release notes that Summer Street will partner with industry veteran and former Hanger Orthopedic Group chairman and CEO, Ronald J. Manganiello, NEOPS CEO. Additionally, McCarthy C. “Mac” Hanger III, CP, great grandson of Civil War amputee J.E. Hanger, who is reportedly credited with founding the modern prosthetics industry, will join as COO and serve as a member of the NEOPS board of directors in order to target new initiatives including business development and acquisitions. According to the release, Hanger brings more than 30 years of clinical leadership and entrepreneurial experience to NEOPS.
“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,” Manganiello says.
Barry Freeman, Summer Street partner, leader of the firm’s healthcare services investment team, adds, “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.”
Source(s): Summer Street Capital II, LP, NEOPS