King of Prussia, PA, January 4, 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 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.”
As the nation's leading provider of matting and specialty flooring, The Matworks offers innovative and quality-engineered products. The Company is based in Beltsville, Maryland, and its origins were in the mat rental and cleaning business, which was founded by Robert Burman in 1966. The Company began manufacturing and selling matting in 1977. The first national account in 1977 was Rite Aid. Wal-Mart became a customer in 1988, and the rental business was sold to Cintas in 1993. The business grew to more than $30 million in revenue and in 1998 a controlling interest was sold to Summit Partners in Boston.
NewSpring Mezzanine Capital has invested $3.5 million in The Matworks Co. of Beltsville, Maryland, according to the Philadelphia Business Journal. The investment will fund Matworks’ acquisition of Janitex Rug Service Corp of Mount Airy, Maryland.
Matworks supplies and services flooring for retail clients. It has provided work for Rite Aid (NYSE: RAD - News) and Wal-Mart (NYSE: WMT - News) over the years, according to NewSpring.
NewSpring is a $76 million mezzanine fund. It is part of NewSpring Capital, a family of private-equity funds in King of Prussia with $250 million under management. NewSpring Mezzanine Capital focuses on technology, health-care, business services and specialty manufacturing.
