Sorenson Capital Partners acquires International Development Corporation

Deal Participants:
Acquiring Company: Sorenson Capital Partners View Profile Charts Homepage
Target Company: International Development Corporation View Profile Charts Homepage
Deal Financials:
 
Date:
Announced: Feb 02, 2009

Notes:

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.

PRESS RELEASE

NewSpring Capital Announces Mezzanine Investment in IDC Westinghouse

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.

Banking Representation:
Acquirer's Banker: NewSpring Mezzanine
Acquirer's Banker: Calvert Street Capital Partners
Acquirer's Banker: Patriot Capital
Legal Representation:
(add missing info)  
Who Made the Money?:
Name

Title
Shares (mm)
Ownership
Cost Basis

Amt (mm)
Net (mm)
John Browder
Co-Founder
Kathy Chang
Co-Founder
Edit History:
Feb 03 '09
Feb 03 '09
This version submitted by TexasTriangle

 

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