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 Ricochet
A CDVCA Central Fund Portfolio Company
Robert Bloch, President/CEO
Philadelphia, PA
In December 2003, the CDVCA Central Fund invested $250,000 in Ricochet Manufacturing, Inc., structured as Series A convertible stock. The Central Fund joined CDVC co-investor the Urban Growth Partners Fund (managed by the Reinvestment Fund).
Ricochet manufactures specialty garments worn by emergency medical technicians and paramedics, as well as some firefighters and urban search and rescue workers. These garments protect emergency response professionals from blood-borne pathogens and abrasion and offer varying degrees of protection from flash fire. Due to its excellent reputation in the industry, its exclusive focus on this market, and its broad product line, Ricochet is poised for outstanding growth.
In addition to the strong financial returns CDVCA expects this growth to generate, CDVCA also expects strong social returns. Ricochet has created almost thirty new production jobs at its Philadelphia facility - a clean, bright, air-conditioned space -- and expects to create an additional 35 production jobs in the next five years. In addition, the company expects to create an estimated 12 entry-level customer service and administrative jobs. All of these jobs pay well, offer good benefits including team-based incentive pay, health insurance, and paid holidays. The company is also looking to implement a 401(k) plan or another wealth-building benefit.
CDVCA Central Fund Profile
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