News
NEWSPRING CAPITAL'S MEZZANINE FUND COMPLETES ITS 10TH PORTFOLIO INVESTMENT -
INVESTS IN NATIONAL MANUFACTURING CO., INC.
RADNOR, PA, September 18, 2007 – NewSpring Capital of Radnor, PA and Short Hills, NJ announced today that NewSpring Mezzanine Capital, the firm’s dedicated mezzanine fund, has completed an investment in National Manufacturing Co., Inc. (“National”) of Chatham, New Jersey. This financing represents NewSpring Mezzanine’s tenth portfolio investment.
National is a leading manufacturer of specialty metal enclosures used in implantable medical devices and aerospace products among other applications. The Company’s strong engineering capability and manufacturing strength have attracted an outstanding customer base. Commerce Bank joined NewSpring Mezzanine by providing senior debt financing as part of the transaction. Waverly Partners of Wayne, PA, the principal shareholders of National, also invested capital alongside NewSpring and Commerce.
“We are very pleased to have NewSpring provide mezzanine capital to our company,” said Robert Staudinger, President and CEO of National. “This investment made possible a complete recapitalization of our firm which provides the capital base which we need to continue our growth and expansion. NewSpring’s experience in financing specialty manufacturing firms like National will be a welcome addition to our company’s strengths.”
Steven Hobman, General Partner of NewSpring Capital, added, “We are glad to have National Manufacturing become our 10th portfolio company. National is the type of manufacturing company we are focused on supporting. They have an engineered product line addressing growing markets with very strong customer relationships. We were especially pleased to work with Waverly Partners and Commerce Bank to complete this financing. We look forward to future success with Bob Staudinger and his team at National.”
About National Manufacturing Co., Inc.
National manufactures highly engineered, deep drawn enclosures for medical devices, aerospace, electronics and energy storage products. Over its 60+ years in operation, National has developed the manufacturing know how necessary to meet the exacting demands of its customers.
National has the capability to form parts in all drawable materials including exotic materials such as titanium and Inconel. In addition, National provides a high level of service, quality and cost benefit to industries where all three of these factors are important to each purchasing decision. National maintains all customer required certifications and is ISO 9001: 2000 certified.
For more information on National, visit www.natlmfg.com.
