NewSpring Exits Sussex Wire
May 20, 2019
Radnor, PA – May 20, 2019 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine ("NewSpring"), the Firm’s dedicated mezzanine strategy, has successfully exited Sussex Wire Inc. (“Sussex Wire” or the “Company”), as a result of a sale to strategic buyer, MW Industries.
NewSpring invested in Sussex Wire, an existing Argosy Capital portfolio company, in 2017 to support the Company’s acquisition of Marox Corporation. Since that time, the combined companies have grown with their customers realizing impactful synergies across the consolidated platform. Sussex Wire specializes in the design, manufacturing, and distribution of highly-engineered, specialty metal parts and components utilizing cold-forming technology. Marox is a precision manufacturer of medical components and assemblies using a variety of computer numerical control machining and milling processes. Both Sussex Wire and Marox offer complementary manufacturing technology with operations and quality systems well-suited to address the most demanding applications in the medical device, healthcare, aerospace, and transportation markets.
"We were eager to work with the NewSpring team from the beginning due to their industry knowledge and M&A expertise,” said Timothy Kardish, Sussex Wire President and CEO. “We had a clear vision of our goals leading into the partnership with NewSpring and it has been an equally exciting and rewarding two years and we look forward to this next chapter.”
“Tim and the rest of the management teams at Sussex Wire and Marox Corporation worked diligently over the last two years to successfully integrate their companies to provide increased manufacturing capabilities and creative solutions for their customers,” said Steve Hobman, NewSpring General Partner and Sussex Board Member. “We have enjoyed working with this dedicated team and couldn’t be happier with the outcome.”
About Sussex Wire
Headquartered in Easton, Pennsylvania, Sussex Wire specializes in the design, manufacturing and distribution of highly-engineered, specialty metal parts and components. The Company, founded in 1973, utilizes cold-forming technology to form metal wire and specialty alloys at room temperatures into highly engineered precision, micro-miniature components faster in a more cost-effective manner than traditional machining, stamping, metal injection molding and casting methodologies. Sussex Wire has designed and engineered processes that improve product quality and differentiates the Company’s competitive position. The Company serves a variety of global blue-chip customers who operate in the medical, electronics, connectors, computer, automobile, transportation, appliance, semiconductors, and glass to metal seal industries. For more information, visit www.sussexwire.com.