M&A Deal Summary

Penn Venture Partners and NewSpring Capital Acquire Thermacore

On July 9, 2008, venture capital firm Penn Venture Partners and private equity firm NewSpring Capital acquired manufacturer Thermacore for 13M USD

Acquisition Highlights
  • This is Penn Venture Partners’ 1st and NewSpring Capital’s 3rd transaction in the Manufacturing sector.
  • This is Penn Venture Partners’ and NewSpring Capital’s 4th largest (disclosed) transaction.
  • This is Penn Venture Partners’ 3rd and NewSpring Capital’s 39th transaction in the United States.
  • This is Penn Venture Partners’ 3rd and NewSpring Capital’s 14th transaction in Pennsylvania.
Investment Fate
  • Thermacore was sold to a consortium of financial buyers in 2014.
  • Thermacore was sold to a strategic buyer in 2016.

M&A Deal Summary

Date 2008-07-09
Target Thermacore
Sector Manufacturing
Buyer(s) Penn Venture Partners
NewSpring Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 13M USD

Target

Thermacore

Lancaster, Pennsylvania, United States
website
Thermacore, Inc. is specializes in the design, development and manufacturing of high performance thermal management systems and components for the computer, military, aerospace, energy conversion, medical, and telecommunications markets.

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Buyer(S) 2

Buyer

Penn Venture Partners

Harrisburg, Pennsylvania, United States

website


Category Venture Capital Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Penn Venture Partners is a private investment firm that seeks growth capital investments in small companies located in central Pennsylvania. Penn looks to invest between $500,000 and $2 million in established companies that are at or near profitability and that have a net worth no greater than $6 million. The Firm's investment horizon is two to five years. Penn Venture will consider investments in a broad range of industries ranging from manufacturing to technology. Penn Venture Partners is based in Harrisburg, Pennsylvania.


DEAL STATS #
Overall 3 of 6
Sector (Manufacturing) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
State (Pennsylvania) 3 of 6
Country (United States) 3 of 6
Year (2008) 3 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-09 NanoHorizons

Bellefonte, Pennsylvania, United States

NanoHorizons invents, designs and manufactures advanced nanoparticles for integration in a broad range of consumer, commercial and industrial products to provide permanent, effective anti-bacterial, antifungal, antiviral and performance enhancing characteristics. NanoHorizons was founded in 2002 and is based in Bellefonte, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-15 Probity Medical Transcription

Camp Hill, Pennsylvania, United States

Probity Medical Transcription is a provider of electronic medical transcription and document management services to the health care industry. Probity works with healthcare systems, acute care hospitals, multi-specialty clinics, and physician groups in over 30 states. Probity Medical Transcription was founded in 2003 and is based in Camp Hill, Pennsylvania.

Buy -
Buyer

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 39 of 184
Sector (Manufacturing) 3 of 12
Type (Buyout (LBO, MBO, MBI)) 11 of 37
State (Pennsylvania) 14 of 42
Country (United States) 39 of 180
Year (2008) 8 of 9
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-30 Core Essence Orthopaedics

Fort Washington, Pennsylvania, United States

Core Essence Orthopaedics, Inc., a medical device company, develops, manufactures, and commercializes soft tissue and arthroscopic musculoskeletal repair solutions for the extremity market. The company offers reNOVO Suture Anchor System, which offers various sizes and configurations to support arthroscopic and open procedures; ReVERTO Shape Memory Staple System for arthrodesis and skeletal fixation procedures; and SEG-WAY, an endoscopic ligament and fascia release system that separates the scalpel from the endoscope

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-15 Ripple Technologies

Conshohocken, Pennsylvania, United States

Ripple Technologies, Inc. provides data access and database monitoring solutions.

Sell -