Automate this: NewSpring puts $14M in Bucks' Lynn Electronics update
"A really strong track record of growing the company"
NewSpring Capital, the Radnor venture-fund group, says it has invested $14.3 million in Lynn Electronics Inc., of Ivyland, Bucks County.
The firm is joining CEO Doron Phillips, newly hired CFO/COO Doug Fastuca and other senior managers to buy out the 53-year-old company's family owners, NewSpring partner Anne Vazquez told me.
Phillips "has a really strong track record of growing the company," Vazquez added. Lynn employs about 90 at its Ivyland headquarters and its warehouses in California and Florida.
The firm provides and customizes fiber-optic and copper cable assemblies, using parts made by TE Connectivity, Corning, Hitachi and other manufacturers for financial, pharmaceutical and social-media companies, and provides procurement and logistics for smaller military and government contracts, Vasquez said.
Lynn plans to use NewSpring's investment to expand its business markets geographically and to automate its military contracting business.
The nearby investment marks a return to the Philadelphia area by NewSpring, which has recently been investing elsewhere along the East Coast and central United States. Just one of the company's 16 software-engineering and retail investments in 2016 targeted a Philadelphia-area company.