The Bottom Line: NewSpring Exits B-O-F Corporation
March 10, 2025
NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, has exited its position in B-O-F Corporation (BOF). NewSpring Mezzanine originally partnered with Everside Capital Partners and financial sponsor LaSalle Capital to support a majority recapitalization, providing BOF with institutional backing to accelerate its growth.
Under NewSpring’s investment, BOF grew into the premier provider of patented gravity-flow shelving and merchandising solutions
Over the course of NewSpring’s investment, BOF invested in key hires, upgraded and expanded its manufacturing facility, accelerated new product development and innovation, and further expanded its leading position in the shelving market. These enhancements resulted in significant revenue and earnings growth.
BOF has expanded its product portfolio to encompass the entire store, including refrigeration, center store, and security cabinets
Via its engineering and development teams, BOF created customized shelving and storage solutions to meet the evolving needs of retailers. By focusing on new product development, BOF was able to drive customer engagement across a wide range of retailers.
BOF was acquired by a financial sponsor
BOF was acquired by a financial sponsor who is investing in the company as a platform for future acquisitions and expansion.
“Our goal at BOF was to create shelving units and merchandising solutions that helped grocery, convenience, and alcohol retailers sell more products. I’m happy to say that with NewSpring’s guidance, our gravity-flow shelving solutions are now in more stores than we ever thought possible. We’d like to thank NewSpring for their partnership over these last several years.”
BOF has helped countless retailers increase revenue and provide superior customer experiences
BOF is led by a growth-oriented leadership team, headed by CEO Howard Topping. Howard represents exactly the type of innovative leader NewSpring seeks for partnership.
“BOF has revolutionized the value gravity-flow shelving units can add to a retailer by developing innovative features that help companies sell more products and increase efficiency. We’re grateful to have worked with BOF management over the last several years and wish the team ongoing success as this business continues to grow.”