Pennsylvania-based lower middle market-focused private equity firm NewSpring has invested in US hotel renovation business Salisbury Moore via its private credit strategy, NewSpring Mezzanine.
As part of the transaction, Farragut Capital Partners and Salem Investment Partners have also invested subordinated debt and equity in support of Progress Equity Partners’ recapitalisation of Salisbury Moore.
Founded in 2005 and headquartered in Raleigh, North Carolina, Salisbury Moore provides renovation and remodeling services for hotel brands across the US. The company also renovates municipal and commercial properties for state agencies and local governments.
The current management team will continue to lead Salisbury Moore.
NewSpring manages approximately $3.5bn across growth equity, control buyouts and mezzanine debt. The firm has so far completed over 250 investments.
