Ironwood Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Ironwood Capital has acquired 6 companies. It has also invested in 16 others.

Ironwood Capital’s most common sectors for investment aremanufacturing (19%) and environmental (12%) . The Firm’s most common investment types include growth capital (32%) and buyout (lbo, mbo, mbi) (31%). In total, Ironwood Capital has invested in 29 US states. Its largest (disclosed) acquisition occurred in 2005 when it acquired DelStar Technologies for $114M.

In the last 3 years, Ironwood Capital has exited 15 companies. The Firm’s most common exit type is trade sale (61%). Ironwood Capital’s largest (disclosed) exit occurred in 2013 when it sold DelStar Technologies for $232M.

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M&A Summary

  • M&A Total Activity146
    • M&A Buy Activity93
    • M&A Sell Activity53
  • Total Sectors Invested 34
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 84

Ironwood Capital

Ironwood Capital

45 Nod Road, Suite 2,
Avon, Connecticut 06001-3819
United States
(860) 409-2100
www.ironwoodcap.com
info@ironwoodcap.com

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Beverages, Building Materials, Business Services, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Food, Furniture, Healthcare Services, Information Technology, Machinery, Manufacturing, Medical Products, Metals/Mining, Renewable Energy, Retail, Safety/Security, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 20 250
Target EBITDA 4 25
Investment Size 10 40
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.6/yr) # 70 1 5 12 3 2 93
vol $146M $146M
Sell (3.8/yr) # 34 4 7 3 4 1 53
vol $577M $62M $639M
  146

Most Recent M&A

Company Date Value Type
Certified Aviation Services LLC 2024-07-15 - Growth Capital
Ontario, California · www.certifiedaviation.com
Elite Equipment Rental 2024-05-20 - Recapitalization
Roosevelt, Utah · www.eliterentals.net
Oak Ridge Waste & Recycling LLC 2024-02-12 - Trade Sale
Danbury, Connecticut · www.oakridgewaste.com
John To Go 2023-11-01 - Buyout (LBO, MBO, MBI)
Ringwood, New Jersey · www.johntogo.com
Professional Rental Tools 2023-10-02 62M USD Trade Sale
Houston, Texas · www.prtoffshore.com
Merrill Industries LLC 2023-09-19 - Unknown
Ellington, Connecticut · www.merrillind.com
Espire Dental LLC 2023-08-16 - Growth Capital
Denver, Colorado · www.espiredental.com
Pro Disposal USA LLC 2023-08-02 - Trade Sale
Ridgeland, South Carolina · www.prodisposalsc.com
Pharmaceutic Litho & Label Co. 2023-06-15 - Trade Sale
Simi Valley, California · www.pharmaceuticlitho.com
Le Sueur, Inc. 2023-01-05 - Buyout (LBO, MBO, MBI)
Le Sueur, Minnesota · www.lesueurinc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Alcom LLC 2021-01-04 Triton Trailers LLC 2021-12-13 1
Winslow, Maine · www.alcomusa.com Hartford, Wisconsin · www.tritontrailers.com
Libra Industries, Inc. 2019-05-21 Benchmark Electronics, Inc. - Guaymas, Mexico Facility 2020-01-28 2
Dayton, Ohio · www.libraindustries.com Guaymas, Mexico
Libra Industries, Inc. 2019-05-21 Gemcity Engineering and Manufacturing 2019-12-16 1
Dayton, Ohio · www.libraindustries.com Dayton, Ohio · www.gemcity.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 10 (26%) - 17 (18%) -
Environmental 2 (5%) - 11 (12%) -
Business Services 3 (8%) - 7 (8%) -
Construction 3 (8%) - 6 (6%) -
Consumer Products 1 (3%) - 5 (5%) -
Transportation 1 (3%) - 4 (4%) -
Aerospace 1 (3%) - 3 (3%) 25M (17%)
Apparel/Textiles 2 (5%) - 3 (3%) 7M (5%)
Electrical Equipment 1 (3%) - 3 (3%) -
Machinery 2 (5%) - 3 (3%) -
Chemicals - - 2 (2%) 114M (78%)
Food - - 2 (2%) -
Furniture 1 (3%) - 2 (2%) -
Healthcare Services 1 (3%) - 2 (2%) -
Medical Products - - 2 (2%) -
Metals/Mining 1 (3%) - 2 (2%) -
Safety/Security - - 2 (2%) -
Automotive - - 1 (1%) -
Building Materials 1 (3%) - 1 (1%) -
Consumer Services 1 (3%) - 1 (1%) -
Defense 1 (3%) - 1 (1%) -
Distribution 1 (3%) - 1 (1%) -
Education - - 1 (1%) -
Engineering - - 1 (1%) -
Forest Products 1 (3%) - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Internet Software and Services - - 1 (1%) -
Life Science - - 1 (1%) -
Marketing 1 (3%) - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Packaging - - 1 (1%) -
Publishing 1 (3%) - 1 (1%) -
Technology Hardware - - 1 (1%) -
Utilities 1 (3%) - 1 (1%) -
Total 38 - 93 $146M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 38 (100%) - 93 (100%) 146M (100%)
  Connecticut 4 (11%) - 19 (20%) 32M (22%)
  California 2 (5%) - 9 (10%) -
  Texas 3 (8%) - 7 (8%) -
  Pennsylvania 3 (8%) - 6 (6%) -
  New York 2 (5%) - 5 (5%) -
  Massachusetts 1 (3%) - 5 (5%) -
  Ohio 2 (5%) - 4 (4%) -
  New Jersey 2 (5%) - 4 (4%) -
  Illinois 1 (3%) - 4 (4%) -
  North Carolina 2 (5%) - 3 (3%) -
  Mississippi 2 (5%) - 2 (2%) -
  Minnesota 2 (5%) - 2 (2%) -
  Maine 2 (5%) - 2 (2%) -
  Arkansas 1 (3%) - 2 (2%) -
  Wisconsin 1 (3%) - 2 (2%) -
  Rhode Island 1 (3%) - 2 (2%) -
  Maryland 1 (3%) - 2 (2%) -
  Georgia 1 (3%) - 2 (2%) -
  Colorado 1 (3%) - 1 (1%) -
  Virginia 1 (3%) - 1 (1%) -
  Utah 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Florida 1 (3%) - 1 (1%) -
  Delaware - - 1 (1%) 114M (78%)
  Washington - - 1 (1%) -
  Tennessee - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  District of Columbia - - 1 (1%) -
Total 38 - 93 $146M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 16 (42%) - 29 (31%) -
Buyout (LBO, MBO, MBI) 10 (26%) - 28 (30%) 121M (83%)
Recapitalization 5 (13%) - 14 (15%) -
Secondary Buyout 4 (11%) - 9 (10%) -
Venture - - 9 (10%) -
Acquisition Financing 2 (5%) - 3 (3%) 25M (17%)
Divestiture 1 (3%) - 1 (1%) -
Total 38 - 93 $146M

Exits by Deal Type

Type Total # Value
Trade Sale 20 (38%) -
Trade Sale - Public Company 12 (23%) 639M (100%)
Secondary Sale 12 (23%) -
Unknown 4 (8%) -
Recapitalization 2 (4%) -
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Stake Sale 1 (2%) -
Total 53 $639M

Deal Values

buy # Total
$100M to $1B 1 $114M
< $100M 2 $32M
TOTAL $146M
Largest DelStar Technologies, Inc.
$114M (2005-12-02)
sell # Total
$100M to $1B 3 $480M
< $100M 4 $160M
TOTAL $639M
Largest DelStar Technologies, Inc.
$232M (2013-11-18)

M&A Connections

Deals
Acquired from
Investor(s)
13%
12 (13%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
30%
16 (30%)
Strategic(s)
62%
33 (62%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Middle-Market

PE Assets

1.0B USD

Established

1986

Specialist/Generalist

Generalist

Leadership

Marc Reich

Founder & Chairman,CEO

Carolyn Galiette

Founding Partner, President & CIO

Alex Levental

Managing Director

Paul Witinski

Managing Director

Dickson Suit

Partner

FAQ

When was Ironwood Capital founded?

Ironwood Capital was founded in 1986.

What type of investor is Ironwood Capital?

Ironwood Capital is a growth capital firm.

Where is Ironwood Capital headquartered?

Ironwood Capital is headquartered in Avon, Connecticut.

How much capital does Ironwood Capital have under management?

Ironwood Capital has 1.0B USD under management.

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