The Bottom Line: NewSpring Invests in B-O-F Corporation
December 16, 2021
NewSpring, a family of private equity strategies, announced today that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has invested subordinated debt and equity to support the acquisition of B-O-F Corporation (“BOF”) by LaSalle Capital.
BOF is a leading provider of customizable shelving solutions for retail stores
BOF is a manufacturer of shelving solutions for the refrigerated sections of a variety of different stores, including grocery, convenience, liquor, drug, and more. Its customizable shelving units are constructed in ways that fit retailers’ specific needs and seamlessly place more product in front of customers to drive sales. By incorporating its patented features and product innovations, including adjustable drip trays, a gravity-fed product flow system, and adjustable dividers, BOF has set itself apart from competitors and positioned the company for continued growth in the retail shelving space.
“At BOF, we’re seeking to disrupt the refrigerator shelving market which is largely dominated by simple shelving solutions that do little to drive additional value to retailers. Our products’ unique features empower retailers with a meaningful competitive advantage by both lifting sales and lowering labor costs. We’re thrilled to partner with NewSpring as we bring these value-adding shelving solutions to more retailers across the U.S. and beyond.”
The company’s investment in technology and strong supply chain has opened up pathways to higher growth
BOF has continually invested in technology, such as robotic welders and rotating tables, that has reduced production costs and increased manufacturing and assembly efficiency. This efficient manufacturing process is enhanced by the company’s strong relationships with suppliers, which have enabled the company to mitigate fluctuations in pricing and fulfill customer orders even in times of material scarcity.
BOF is led by an experienced and aligned management team focused on growth
BOF President Jamie Knorring has led the company since 2006 and is supported by industry veteran Howard Topping. Both Jamie and Howard have played essential roles in driving sales growth and product development in recent years.
“For decades, shelving units at retailers have remained the same and provided little additional value to store operators. BOF has revolutionized these products by reinventing what shelving units can do. Innovative features like its patented gravity feeding systems have set the company apart from competitors. Jamie and his team have done an amazing job growing BOF so far, and we’re excited to work with management and LaSalle to continue its success.”