Sorenson Capital has acquired International Development Corp., a Roanoke, Texas-based provider of solar and other alternative residential outdoor lighting products. No pricing terms were disclosed. Leveraged financing was provided by NewSpring Mezzanine, Calvert Street Capital Partners and Patriot Capital.
RADNOR, PA, February 2, 2009 – NewSpring Capital, a family of private equity funds providing growth and expansion capital to the Mid-Atlantic region, today announced that NewSpring Mezzanine, the dedicated mezzanine fund of NewSpring Capital, invested $5.04 million in International Development Corporation (“IDC Westinghouse”), a global leader in solar and other alternative residential outdoor lighting products. The IDC Westinghouse transaction represented NewSpring Mezzanine’s fifteenth investment since the fund was established in 2004.
Founded in 1992 by John Browder and Kathy Chang, IDC Westinghouse designs, markets and distributes residential outdoor lighting to major retailers throughout the United States and Canada. Their products include solar, low-voltage and other LED related outdoor residential lighting that are distinguished in the marketplace by advanced solar design and energy-efficient technology. IDC Westinghouse is also an exclusive licensee of the Westinghouse brand for its outdoor solar lighting products.
“IDC Westinghouse is a great addition to the NewSpring Mezzanine portfolio,” said Andrew Panzo, General Partner of NewSpring Mezzanine. “They have a strong management team, scalable business model and the innovative technologies required to respond to the increasing demand for “Green Solutions.” All these attributes combine to create a powerful opportunity for IDC Westinghouse to continue to expand their global leadership position.”
NewSpring Mezzanine participated in the senior and senior subordinated debt financing related to this buyout transaction along with co-investors, Calvert Street Capital Partners and Patriot Capital. Sorenson Capital led the equity financing, with participation by management and the mezzanine lenders.
“Mezzanine financing, particularly in today’s uncertain economic climate, continues to play a vital role in providing companies the capital to build on the momentum they are experiencing in their businesses,” added Panzo. “We were especially pleased to be a part of IDC Westinghouse’s plan for growth and expansion while partnering with such a strong team of equity and senior lenders on this transaction.”
To learn more about International Development Corporation, visit the company’s website at www.westinghousesolarlights.com.
About NewSpring Capital
NewSpring Capital is a family of private equity funds providing growth and expansion capital for companies primarily in the Mid-Atlantic region. NewSpring Capital currently has over $500 million of assets under management. The family of NewSpring Capital funds consists of (i) NewSpring Health Capital, which provides equity capital to healthcare companies within the life sciences, healthcare services and medical device sectors, (ii) NewSpring Mezzanine Capital, which provides mezzanine capital for expansion stage and buyout opportunities in the business services, healthcare, information technology, and specialty manufacturing sectors, and (iii) NewSpring Ventures, which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology. NewSpring Capital currently has offices in Radnor, Pennsylvania, and Short Hills, New Jersey. To learn more about NewSpring Capital, please visit www.newspringcapital.com.