NewSpring Capital has invested $12 million in Easton, Pennsylvania-based Sussex Wire, a producer of specialty metal parts and components using cold-forming technology. The capital infusion will be used to support Sussex’s acquisition of Marox Corporation, a provider of orthopedic implants and aerospace components. Sussex is a portfolio company of Argosy Private Equity.
Radnor, PA – March 28, 2017 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital (“NewSpring”), the Firm’s dedicated mezzanine fund, has made a $12 million investment in Sussex Wire, Inc. (“Sussex Wire”), a portfolio company of Argosy Private Equity. Sussex Wire will use the proceeds from the investment to support the acquisition of Marox Corporation (“Marox”), in order to expand the Company’s operational and manufacturing capabilities.
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 tight-tolerance manufacturing technology with operations and quality systems well-suited to address the most demanding applications in the medical device, healthcare, aerospace, and transportation markets.
”This is an exciting opportunity for Sussex Wire,” commented Timothy Kardish, Sussex Wire President and CEO. “This commitment from NewSpring allows us to work towards our growth goals and continue on the trajectory that has already been established.”
“We look forward to working with Tim and the rest of the management team during this time of expansion for Sussex Wire,” said Steve Hobman, NewSpring General Partner. “The Company is already in a strong position in their market and we are excited to help further expand and strengthen this position.”
About Sussex Wire
Sussex Wire, Inc., an ISO9001:2008 company founded in 1973 and located in Easton, PA, is a cold forming and roll forming company that collaborates with clients’ design engineers to lower cost, increase mechanical durability and reduce carbon footprint for component part tolerances down to +/- 0.0005”. The Company specializes in critical custom applications in the medical device, healthcare consumables, aerospace, defense, consumer electronics, semi-conductor and hermetic assembly market segments. For more information, visit www.sussexwire.com.
About Marox Corporation
MAROX, an ISO13485:2003, ISO9001:2008, and AS9100C company located in Holyoke, MA, with continuing operations since 1951 has developed a reputation in the medical and aerospace industries as a reliable source for high-quality, precision-machined components utilizing CNC multi-axis machining and Additive Manufacturing technologies. For more information, visit www.marox.com.
About NewSpring Capital
NewSpring Capital is a leading provider of private equity capital focused in the Mid-Atlantic region. The Firm manages over $1.5 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to equity and mezzanine debt. NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital’s approach and the success of its current and former portfolio companies demonstrates the Firm’s commitment. To learn more about NewSpring Capital, please visit www.newspringcapital.com.