NewSpring Capital Successfully Exits Cellucap Manufacturing
May 25, 2017
Radnor, PA – May 25, 2017 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, is pleased to announce that it has successfully exited Cellucap Manufacturing Company ("Cellucap"), a portfolio company of its dedicated mezzanine fund, NewSpring Mezzanine Capital ("NewSpring"). The exit was the result of a debt recapitalization agreement.
During the time of NewSpring’s investment, Cellucap, a Philadelphia-based manufacturer and distributor of disposable protective apparel and other related products, doubled their revenue stream, expanded their product offering, and extended their geographic footprint with the acquisition of DISCO in 2011. Cellucap now operates across North America with six manufacturing and distribution centers.
“Mark Davis and his dedicated team were able to expand upon their already strong position in the industry with the acquisition of DISCO. Cellucap has been very successful at providing consistent, high-quality products to its customers and we are delighted to have been a part of that success,” said Steve Hobman, NewSpring General Partner.
“I have greatly enjoyed working with Steve and the NewSpring team,” said Mark Davis, Cellucap President. “NewSpring provided substantial resources, enabling us to realize our expansion goals. We are proud of the outcome for all and now look forward to this next chapter for Cellucap.”
Cellucap is a family owned and operated company that manufactures a full range of disposable protective apparel for the safety, industrial, food processing, healthcare, and food service industries. The Company boasts an expansive product line, state of the art manufacturing capabilities, strong long-term relationships, and six manufacturing and distribution locations in North America. For more information, visit www.cellucap.com.