News
Bulova Technologies LLC Closes $6 Million in Mezzanine Capital Financing Led By NewSpring Capital
FOR IMMEDIATE RELEASE
LANCASTER, PA – January 6, 2005 – Bulova Technologies, LLC (“Bulova Technologies” or the “Company”), a privately held contract electronics manufacturing company, announced today that it has raised $6 million in mezzanine capital for growth and expansion of its business in December 2004. The financing was provided by NewSpring Ventures, L.P. (“NewSpring”) and TRF Urban Growth Partners, L.P. (“TRF Private Equity”).
“This financing will provide Bulova Technologies with the resources to continue to grow the Company and to take advantage of both organic opportunities and potential acquisitions. The Company is currently engaged in bidding on several substantial new contracts in both the defense and commercial sectors. We are very pleased to have NewSpring Ventures and TRF Urban Growth Partners as our financial partners,” stated Stephen L. Gurba, President and Chief Executive Officer.
“We believe that Bulova Technologies, LLC, with its rich history, is in an excellent position for growth. The Company’s high end capabilities and current market position will enable it to continue to capture business in the defense sector and in the growing commercial contract manufacturing sector,” stated Steven D. Hobman of NewSpring.
“We are excited to complete this investment in Bulova, and to partner with Mr. Gurba. Bulova is a well-regarded Pennsylvania company and has a long history supporting its sizable workforce in downtown Lancaster. Bulova is positioned for a strong future,” adds John Schaefer of TRF Private Equity.
About Bulova Technologies LLC
Bulova was founded as a subsidiary of the Bulova Watch Company in the early 1940s. In 1962, the Bulova Watch Company formally established Bulova Systems and Instrument Corporation (“BSIC”), which was engaged in the manufacture of military fuzes. In 1979, Loews Corporation acquired the Bulova Watch Company and, along with it, BSIC. In 1989, BSIC acquired Hamilton Technology, Inc., its main competitor in the fuze industry. The combined entity, renamed Bulova Technologies, Inc., was consolidated in Lancaster and was the largest mechanical and electro-mechanical fuze manufacturer (the “Fuze Operations”) in the US. In 1995, National Defense Company LLC, a company controlled by CEO Stephen Gurba, acquired Bulova Technologies from Bulova Corporation. In 2002, the Company sold its Fuze Operations to L-3 Communications, Inc., which renamed the operations L-3 BT Fuze.
Bulova provides a complete array of services including: turnkey and consignment production of complex electromechanical systems, printed circuit board assemblies (using surface mount and through-hole technologies), value-added electro-mechanical assemblies, process engineering, materials management and product testing (including environmental). Value-added assembly requires the precision skills that Bulova employees developed from their defense background
About NewSpring Ventures
NewSpring Ventures is a $135 million venture capital fund managed under the NewSpring Capital Family of Funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds, with approximately $200mm 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.
About TRF Urban Growth Partners
TRF Private Equity manages approximately $60 million of committed capital from two funds, TRF Urban Growth Partners and DVCRF Ventures. TRF Private Equity serves as a catalyst for economic development by investing growth capital in strong middle market companies located in the Mid-Atlantic region. TRF provides significant management advice and workforce resources to its portfolio companies in support of their growth.About TRF Urban Growth Partners
TRF Private Equity manages approximately $60 million of committed capital from two funds, TRF Urban Growth Partners and DVCRF Ventures. TRF Private Equity serves as a catalyst for economic development by investing growth capital in strong middle market companies located in the Mid-Atlantic region. TRF provides significant management advice and workforce resources to its portfolio companies in support of their growth.
Contact Information
Bulova Technologies LLC
Stephen L. Gurba
717-299-2581
NewSpring Ventures
Steven D. Hobman
610-567-2384
TRF Private Equity
John E. Schaefer
215-574-5889
