NEP acquires NCP; Werteen promoted to SVP and GM as NCP operates independently
NEP Broadcasting has acquired the stock of New Century Productions of Allentown, PA, but NCP will continue to operate under the NCP brand with its current staff providing service and support for clients.
“We believe that NCP is a great company and there is no good reason to dismantle it or change it in any way,” says NEP CEO, Lou Borrelli.
The move creates a company that now offers 25 HD and 25 SD vehicles in the U.S. and United Kingdom. “The simple fact that NCP is now part of a much larger company with terrific technology and people resources and that should let NCP’s clients sleep a little better at night,” adds Borrelli.
The deal calls for NCP and NEP management to co-invest with an investment affiliate of American Securities Capital Partners LLC in a new holding company. That holding company will own New Century Productions and all the domestic and international operating divisions of NEP Broadcasting. ASCP is a New York based middle market private equity firm.
The two companies are already at work on their first collaboration. NCP will roll a new HD truck, NCP XI in April, the first collaboration between design gurus Mike Mundt of NCP and Howie Naugle of NEP. The unit will be built by the NEP Systems Integration Group. NCP is also developing a new 20,000 sq ft field shop in Allentown that will be ready for occupancy in the first half of 2008.
Mike Werteen will be promoted to Senior Vice President and General Manager and be directly responsible for the division’s operations. NCP co-founder Barry Fisher will join the board of directors of the new parent company.
NCP Founder Richard C. Dean adds that deep historic relationships paved the way for the transaction as NCP began with the cooperation of then NEP President and Founder Tom Shelburne in 1984.
“We looked closely at their business model allowing companies they have acquired to remain largely autonomous,” he says. “We believe this is the reason NEP companies like Screenworks, Studios and Visions remain industry leaders.”