News
NewSpring Capital Announces Its Investment, a $3.25 Million Mezzanine Financing, in the Acquisition of Faxitron X-ray Corporation
RADNOR, PA, March 20, 2007 – NewSpring Capital today announced the investment of $3.25 million in the acquisition of Faxitron X-ray Corporation (www.Faxitron.com) by NewSpring Mezzanine Capital, L.P. NewSpring solely funded the mezzanine debt portion of the buyout of Faxitron which was led by Inverness Capital Partners.
Allan Little, the new Chief Executive Officer of Faxitron, stated, “I have a deep, long-standing relationship with the NewSpring team, and I look forward to the value they will bring to this company.”
Andrew Panzo, General Partner at NewSpring Capital, stated, “We were thrilled to work with Inverness to complete this transaction and are very excited about the addition of Faxitron to our portfolio. We have watched Allan drive results at his previous company for many years and, with the rest of the Faxitron management team, we are confident that he will continue to meet Faxitron’s objectives. Faxitron is the branded leader in the medical marketplace and, with new leadership, is well positioned to be an even greater success. We look forward to working with the Faxitron team in the coming years.”
About Faxitron X-ray Corporation
Faxitron X-ray Corporation, based in Wheeling, IL, sells digital and film x-ray systems to customers in the medical, animal research and industrial marketplace. The primary applications for the Company’s x-ray units are specimen radiography, pathology, small animal research and nondestructive testing of products. Faxitron first introduced cabinet x-ray systems in the 1970s, and since that time, it has built an installed base of more than 5,000 units. The Faxitron brand is synonymous with cabinet x-ray in the hospital and research setting. For more information about Faxitron, visit www.faxitron.com.
About NewSpring Capital
NewSpring Capital, based in Radnor, PA, manages a family of private equity funds which provide growth equity and mezzanine debt financing to growth and expansion stage companies with a focus on business services, healthcare, life sciences, specialty manufacturing and technology. NewSpring Capital focuses primarily on businesses in the mid-Atlantic region and invests between $3-7.5mm per transaction in round sizes of up to $30mm. For more information about NewSpring Capital and its family of funds, visit www.newspringcapital.com.
