NewSpring Invests in Leading Manufacturer and Distributor of Fence Products
April 25, 2017
Radnor, PA - April 25, 2017 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital ("NewSpring"), the Firm’s dedicated mezzanine fund, has made an $11 million investment in Eastern Wholesale Fence Co., Inc. (“Eastern”). Proceeds will help to expand the Company’s geographic footprint and product line offering.
Founded in 1971, Eastern is a leading regional manufacturer and distributor of a full range of fence products based in Medford, NY. The Company produces poly vinyl-chloride (“PVC”), wood, and chain link fence and railing products. Eastern primarily services the northeast geographic markets, but also has a national reach through fence wholesalers and big box retailers.
“This is an exciting time for Eastern,” said Peter Williams, Jr., Eastern CEO. “We look forward to working with Steve Hobman and the team at NewSpring as we work towards our growth goals of national expansion and further developing the products currently available to our customers.”
“With an experienced and proven management team at the helm, Eastern has a tremendous opportunity for growth. The Company is an innovative leader in their industry and we look forward to helping them accomplish their goals,” commented Steve Hobman, NewSpring General Partner.
Eastern is a manufacturer and distributor of fence products throughout the Eastern U.S., selling only to the fence trade, distributors, and retailers since 1971. Eastern sells nationally under the following brands: Illusions Vinyl Fence, Grand Illusions Vinyl Fence, EverStrong PVC Profiles, and Eastern Ornamental. Eastern also manufactures and distributes a full line of red and white cedar fences, chain link fences, and accessories. For more information, visit www.easternfence.com.