How NewSpring's bet on a Philadelphia manufacturing company paid off

NewSpring Mezzanine

Radnor-based NewSpring Capital announced Thursday it successfully exited a Philadelphia manufacturing company after its 2011 investment helped the company make a major acquisition and double its revenue stream.

Cellucap, which produces disposable protective gear for the health care and food services industry, recapitalized its debt through a regional bank, which bought out the private equity firm's stake in the 63-year-old company.

Terms of the deal weren’t disclosed, but NewSpring General Partner Steve Hobman said it was the exit they were hoping for.

“They were very close to what we estimated almost five and a half years ago,” Hobman said. “It worked out quite well.” Read more...