NewSpring Completes Investment in Controlled Environment Structures
January 24, 2020
Radnor, PA – January 24, 2020 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Mezzanine ("NewSpring"), the Firm’s dedicated mezzanine strategy, has completed its investment to support the acquisition of Controlled Environment Structures (“CES”) in partnership with Adelphi Capital Partners.
CES designs and builds controlled environments for general contractors and a wide variety of other businesses. With a 30-year track record of success, strong relationships with established brands such as Amazon, General Electric, and FedEx, and a market position poised to benefit greatly from emerging market tailwinds, CES represents the type of innovative business NewSpring targets for investment.
“By focusing on the technical and more critical cold storage segment of the controlled environment market, CES has differentiated itself in this high-growth area. CES is well-positioned to benefit from the rise in popularity of online grocery shopping, the increased demand for refrigerated foods, and other market trends,” said NewSpring Partner, Steve Hobman. “We’re thrilled to welcome CES to our family of portfolio companies.”
CES specializes in cold storage projects that involve furnishing and installing insulated panels and doors for building cooler, freezer, and food processing facilities. The company also creates controlled environments for commercial and industrial clients and creates custom-designed cleanrooms for pharmaceutical manufacturers and other companies.
As part of the transaction, Don Roussinos will move into the role of CEO, bringing over 25 years of senior executive experience in project management and systems development to CES.
“Being a leader of small to large enterprises, the addition of Don Roussinos will help to enable the CES team to achieve the next level of success while driving discipline and growth into the organization,” said Joe May, Managing Partner at Adelphi Capital Partners. “Through Don’s leadership, CES will be able to amplify its commitments to customers, employees, and investors.”
“At CES, we’re proud of the close relationships we’ve formed with our customers and the growth we’ve experienced, particularly within the cold storage space,” said Don Roussinos, CEO at CES. “After 30 years of business, we still feel we have plenty of room for continued growth and we’re excited to partner with the teams at NewSpring and Adelphi as we embark on this next chapter of our success story.”
As part of NewSpring’s investment, Steve Hobman will join the CES Board of Directors.
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings 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 its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
Founded in 1985 by Rob Adams and Mark Barrett, CES has grown into one of the largest providers of cold storage and other controlled environments servicing the New England region, with additional operations nationwide . CES is a dynamic, growing operation that continually looks for ways to solve customers’ needs. In recent years, CES has added capabilities to manufacture custom doors, integrated wall panels, and specialized air-handler and fan-filter units. In 1994, the Company expanded to include environmental control systems in response to the technology and food industries’ ever-increasing needs. To learn more, visit www.cesweb.com.