NewSpring Exits Zentech Manufacturing
June 26, 2019
Radnor, PA – June 26, 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 Zentech Manufacturing, Inc. (“Zentech” or the “Company”), as a result of a sale to a strategic buyer. As part of the transaction, Matt Turpin, former CEO, will become a valued Advisor for the management team with Steve Pudles stepping in as the new CEO.
Zentech is a leading provider of highly technical electronics solutions for mission-critical applications in the defense, aerospace, medical, communications, and industrial markets. The Company’s services primarily include design, engineering, manufacturing, and testing of printed circuit board assemblies. Since NewSpring’s initial investment in 2012, Zentech has made multiple strategic acquisitions adding significant capabilities to Zentech’s comprehensive engineering services enabling the Company to expand its geographic footprint and provide a more diversified service offering to its customers.
"With the backing of NewSpring, we were able to build Zentech into an outstanding supplier within our target markets,” said Matt Turpin, Advisor and former CEO of Zentech. “I have enjoyed working closely with Greg Barger and the rest of the NewSpring team and look forward to my new advisory role at the Company as I work alongside Steve Pudles, Zentech’s new CEO, to sustain and extend Zentech’s delivery of uncompromising quality product.”
“It has been a great experience working with Matt and the rest of the management team at Zentech and we look forward to observing the Company’s continued success,” said Greg Barger, NewSpring General Partner. “We had the pleasure of meeting with Steve prior to the close of the transaction and are excited for this next step in Zentech’s progression as Matt and Steve work towards delivering upon their strategic goals.”
Headquartered in Baltimore, MD, Zentech is a leading provider of highly technical electronics solutions for mission-critical applications in the defense, aerospace, medical, communications, and industrial markets. The Company’s services primarily include design, engineering, manufacturing, and testing of printed circuit board assemblies. Zentech focuses on low volume, high mix opportunities where they can leverage their technical expertise and industry-leading certifications to win business with blue-chip customers. For more information, visit www.zentech.com.
Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. NewSpring manages approximately $1.8 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, they bring a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using a network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com