New England Orthotic and Prosthetic Systems (NEOPS), headquartered in Branford, Connecticut, has been recapitalized by private equity firm Summer Street Capital II, Buffalo, New York, according to a Summer Street press release. Terms of the transaction were not disclosed.
Summer Street will partner with industry veteran Ronald J. Manganiello, who will continue to serve as NEOPS’ CEO. Manganiello formed NEOPS in 1998 around a business model that created 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.
McCarthy C. “Mac” Hanger III, CP, will also join as chief operating officer and as a member of the NEOPS board of directors. He will work on various new initiatives including business development and acquisitions. In addition to bringing more than 30 years of clinical leadership and entrepreneurial experience to NEOPS, Hanger is the great grandson of James Edward Hanger, a Civil War amputee and founder of Hanger Orthopedic Group, Austin, Texas.