NewSpring Capital Successfully Exits Thermacore

NewSpring Mezzanine

Radnor, PA – October 27, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, is pleased to announce that it has successfully exited Thermacore, Inc. ("Thermacore"), a portfolio company of its dedicated mezzanine fund, NewSpring Mezzanine Capital ("NewSpring").  The exit was the result of a strategic sale to Aavid Thermalloy, LLC.

Throughout NewSpring’s investment, Thermacore, a leading provider of highly-engineered thermal management solutions, was able to continually enhance performance and expand its core business with two acquisitions and a contract awarded by the Defense Advanced Research Projects Agency.  In addition, Thermacore significantly increased revenue and EBITDA due to their entrepreneurial spirit and smaller-market strategy.  In 2014, NewSpring's mezzanine investment was repaid through a debt recapitalization of the Company; the sale of Thermacore now provides liquidity for NewSpring’s investment.

“I have had the pleasure of working closely with Jerome Toth and his team as they refocused their business and restored their original drive. Their consistent improvements through organic growth, facility expansion, and acquisitions are a true testament to the skill set of this outstanding management team,” said Steve Hobman, NewSpring Partner. “We are extremely pleased to have been part of the success at Thermacore.” 

“I have greatly enjoyed working with Steve and the NewSpring team,” said Jerome Toth, CEO of Thermacore.  “NewSpring provided insightful guidance as we executed on the transition of the business, committing significant strategic and operational resources.  We are proud of the outcome for all involved.”

About Thermacore

Forty-five years ago, thermal technology entered a new era, as Thermacore turned a then-experimental technology into a viable choice for engineers and designers. Today, thanks to the groundbreaking work and engineering expertise of Thermacore since 1970, highly engineered passive thermal management systems are extending the capabilities of technologies in a complete range of areas: Military, Aerospace, Computers, Communications, Energy Conversion, Medical and Test Equipment, Transportation, Government/Education and more.  For more information, please visit