News

New State Capital Partners LLC has made an undisclosed investment in Capitol Pain Institute, an Austin, Texas-based pain management company. The Bloom Organization and DLA Piper advised Capitol Pain Institute while Morgan Lewis provided counsel to New State Capital Partners.

PRESS RELEASE

AUSTIN, Texas–(BUSINESS WIRE)–Capitol Pain Institute (CPI) announced today that an affiliate of New State Capital Partners, LLC has made a significant investment in its management company to support the continued expansion of the practice and affiliated surgery center, Center for Specialty Surgery of Austin (CSSA). Terms were not disclosed.

Founded in 2007 by Dr. Matt Schocket, CPI serves the greater Austin community from six locations with an integrated, multidisciplinary approach to pain management. CPI develops individualized treatment programs using the most progressive therapies available, including spinal cord stimulation, pain management injections and medication management. In 2015, CPI established the Center for Specialty Surgery of Austin, offering services in pain management, neurosurgery, ophthalmology, and podiatry.

“Our goal is to provide the highest quality level of care and do it with the highest degree of ethics and compassion for our patients,” Dr. Schocket said. “Over the last decade, we’ve continued to expand our practice and recently built the surgery center. The breadth of experience New State Capital brings, especially their focus on entrepreneurship and healthcare, will ensure we can continue to grow, adding to our quality medical team and our ability to serve a growing patient population.”

David Blechman, founder of New State Capital Partners, added, “Dr. Schocket is a proven entrepreneur, differentiated in the market, and he has assembled an impressively credentialed team of physicians. With a national shift away from hospitals to ambulatory surgery centers, we recognize the potential to increase CPI’s reach to patients who need safe and effective pain management options.”

Capitol Pain Institute was advised by The Bloom Organization and DLA Piper. New State Capital Partners received counsel from Morgan Lewis.

About Capitol Pain Institute
Capitol Pain Institute was founded in 2007 in Austin, Texas to provide safe and effective treatment modalities tailored to the specific needs of each patient. Key services include spinal cord stimulation, pain management injections, and medication management. CPI’s six locations in the greater Austin area include the affiliated Center for Specialty Surgery of Austin, founded in 2015. A licensed ambulatory surgery center, CSSA offers services including pain management, neurosurgery, ophthalmology, and podiatry. For more information visit http://capitolpain.com and www.atxsurgery.com.

About New State Capital Partners, LLC
New State Capital Partners, LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State invests in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials, and has approximately $400 million in assets under management. New State and its affiliates have invested in 17 companies since January 2014. For more information visit www.newstatecp.com.