News
NewSpring Capital’s Mezzanine Fund Announces its Investment in The Matworks Company, LLC
January 3, 2006 – NewSpring Capital’s mezzanine fund, NewSpring Mezzanine Capital, L.P., has provided $3.5 million in mezzanine capital financing to assist management in acquiring the assets of Janitex Rug Service Corporation. The Matworks Company, LLC (“The Matworks” or “Company”) is a value-added manufacturer, supplier and services provider to the retail industry. The Company, headquartered in Beltsville, Maryland, provides specialty flooring solutions for many of the largest retail companies in the country. The original business was founded over forty years ago, and The Matworks Company, LLC will continue the tradition of focusing on creative solutions for its customers’ flooring needs.
Steven D. Hobman, general partner at NewSpring Mezzanine Capital, L.P., stated, “We are extremely pleased to add The Matworks to the portfolio of NewSpring Mezzanine Capital. We believe that Rip Collins, Robert Burman and the entire team are poised to grow through gaining additional market share and by adding new products and services to the revenue mix.”
Robert “Rip” Collins, Chief Executive Officer of The Matworks Company, LLC stated, “This is an exciting time here at The Matworks Company as we set in motion our strategic plan to boldly expand our portfolio of products and services and grow the overall Matworks Company brand. We have identified several key growth areas where our core competencies of delivering unparalleled customer service and leveraging broad product knowledge will help to catapult us to a new level. Of note are our DSIM Program and Nationwide Installation Service, both of which are the first of their kind and stand to reshape the Retail Flooring Services industry as we know it. With that said, we at The Matworks Company have the singular subordinate goal of being the premier supplier of specialty flooring products/solutions and continuing with our profound legacy of innovation.”
About The Matworks Company, LLC
As the nation's leading provider of matting and specialty flooring, The Matworks offers innovative and quality-engineered products. The Company, based in Beltsville, Maryland, provides entrance flooring, wall-to-wall flooring, anti-fatigue mats, and cleaning and maintenance services for the nation’s largest retail organizations. The Company has a history of superior performance and customer satisfaction in providing solutions for its customers’ needs.
About NewSpring Mezzanine Capital, L.P.
NewSpring Mezzanine Capital is a $76 million mezzanine fund managed under the NewSpring Capital Family of Funds. NewSpring Capital, based in King of Prussia, Pennsylvania, is a family of specific purpose private equity funds, with approximately $250 million under management, focused on the Mid-Atlantic region. The Family of Funds includes: NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services, and healthcare; NewSpring Healthcare, L.P., a venture capital fund focused on intermediate- and late-stage life science and healthcare companies; and NewSpring Mezzanine Capital, L.P., a mezzanine private equity fund focused on late stage and buy-out opportunities in information technology, healthcare, business services and specialty manufacturing.
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