NewSpring Capital and Plexus Capital Partner to Acquire Northeast Ship Repair, Inc.
November 19, 2013
Radnor, PA & Charlotte, NC - November 19, 2013 - NewSpring Capital, a family of private equity funds providing growth equity and mezzanine capital, announced today that NewSpring Mezzanine, the dedicated mezzanine fund of NewSpring Capital and Plexus Capital, which specializes in providing growth capital to lower middle market businesses across the nation, acquired Boston, MA based Northeast Ship Repair, Inc. ("Northeast"). Concurrent with the acquisition, Ed Snyder, the Company's current President, will become the CEO.
Northeast Ship Repair is a leading provider of large vessel maintenance, repair and overhaul ("MRO") services for U.S. Government and commercial customers. With facilities strategically located in Boston, MA and Philadelphia, PA, Northeast operates two of the five dry-docks on the East and Gulf Coasts capable of servicing vessels in excess of 750 feet in length. Comprehensive in-house and sub-contracted technical capabilities enable Northeast to provide the full spectrum of MRO services. "I am very excited about the partnership with Plexus and NewSpring. Both groups bring with them a depth of operational and financial experience that can help support our growth efforts as we enter a new phase for the Company," said Ed Snyder, CEO.
"We are very excited to have Northeast Ship Repair join the NewSpring portfolio. We believe the team at Northeast has the poise and capabilities to continue to provide superior service and continued growth our customers deserve," said Andrew Panzo, General Partner of NewSpring Capital. "We look forward to supporting the team and leveraging our operating network to help grow the Company." Robert Gefaell, Plexus Capital Partner and co-founder adds, "Northeast's strategically located assets and ability to provide high quality competitive services for both government and commercial vessels are critical elements contributing to the success of the Company to date. These unique qualities are the cornerstone to continued success as Northeast enters the next chapter in its evolution. We are looking forward to working with Ed and the entire management team to support Northeast's growth."