Ironwood Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ironwood Capital has acquired 10 companies. It has also invested in 5 others.

Ironwood Capital’s most common sectors for investment are environmental (16%) and manufacturing (15%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (39%) and growth capital (21%). In total, Ironwood Capital has invested in 25 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 17 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 Activity101
    • M&A Buy Activity63
    • M&A Sell Activity38
  • Total Sectors Invested 28
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 67

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 $5 to $20 million in companies generating $20 to $200 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 20 200
Target EBITDA 3 15
Investment Size 5 20
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.4/yr) # 46 2 8 5 2 - 63
vol $146M $146M
Sell (3.8/yr) # 19 2 1 4 7 5 38
vol $457M $120M $577M
  101

Most Recent M&A

Company Date Value Type
Performance Team LLC 2020-04-02 - Add-on Acquisition
Santa Fe Springs, California · www.performanceteam.net
Air Temp Mechanical Services, Inc. 2020-02-12 - Stake Sale
Southington, Connecticut · www.ctairtemp.com
Flow Dry Technology, Inc. 2020-02-06 - Add-on Acquisition
Brookville, Ohio · www.flowdry.com
Denali Water Solutions 2020-01-23 - Secondary Buyout
Russellville, Arkansas · www.denaliwater.com
Bush Industries, Inc. 2020-01-14 - Add-on Acquisition
Jamestown, New York · www.bush.co
Gemcity Engineering and Manufacturing 2019-12-16 - Merger
Dayton, Ohio · www.gemcity.com
Numet Machining Techniques, Inc. 2019-11-12 - Add-on Acquisition
Orange, Connecticut · www.numet.net
BrandFX Body Co. 2019-11-06 - Add-on Acquisition
Fort Worth, Texas · www.brandfxbody.com
Uniloy, Inc. 2019-05-14 - Divestiture
Tecumseh, Michigan · www.uniloy.com
Lewis Clark Recycling and Disposal LLC 2019-05-10 - Add-on Acquisition
Harrisburg, Illinois · www.lewisclarkwaste.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CSI IT LLC (Consulting Solutions International) 2016-06-16 JDC Group 2018-12-06 5
Tallahassee, Florida · www.csifl.com Atlanta, Georgia · www.jdc-group.com
CSI IT LLC (Consulting Solutions International) 2016-06-16 Meridian Technologies 2018-06-28 4
Tallahassee, Florida · www.csifl.com Jacksonville, Florida · www.meridiantechnologies.net
CSI IT LLC (Consulting Solutions International) 2016-06-16 Technical Resource Group, Inc. 2018-03-31 3
Tallahassee, Florida · www.csifl.com Dallas, Texas · www.dreamjob.com
CSI IT LLC (Consulting Solutions International) 2016-06-16 The Vine LLC 2018-01-16 2
Tallahassee, Florida · www.csifl.com Milford, New Jersey · www.thevineit.com
Ripley Tools LLC 2014-02-03 Optical Design Manufacturing, Inc. 2017-12-19 1
Cromwell, Connecticut · www.ripley-tools.com Laconia, New Hampshire · www.odm-inc.com
Paradigm Windows Solutions 2016-01-07 Vista Window Co. LLC 2017-02-22 1
Portland, Maine · www.paradigmwindows.com Lordstown, Ohio · www.vistawindowco.com
CSI IT LLC (Consulting Solutions International) 2016-06-16 The Nuss Group, Inc. 2016-11-03 1
Tallahassee, Florida · www.csifl.com Newtown Square, Pennsylvania · www.thenussgroupinc.com
Curtis Bay Medical Waste Services 2012-03-30 Culver Enterprises, Inc. 2014-01-20 1
Baltimore, Maryland · www.curtisbaymws.com Grants Pass, Oregon · www.ce-bookcovers.com

M&A by Sector

Sector Current # Value All-time # Value
Environmental 3 (12%) - 10 (16%) -
Manufacturing 5 (19%) - 9 (14%) -
Consumer Products 3 (12%) - 5 (8%) -
Business Services 3 (12%) - 4 (6%) -
Electrical Equipment 1 (4%) - 3 (5%) -
Chemicals - - 2 (3%) 114M (78%)
Aerospace - - 2 (3%) 25M (17%)
Apparel/Textiles 2 (8%) 7M (100%) 2 (3%) 7M (5%)
Construction 1 (4%) - 2 (3%) -
Food - - 2 (3%) -
Furniture 1 (4%) - 2 (3%) -
Machinery 1 (4%) - 2 (3%) -
Safety/Security 1 (4%) - 2 (3%) -
Transportation - - 2 (3%) -
Automotive - - 1 (2%) -
Building Materials 1 (4%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Defense 1 (4%) - 1 (2%) -
Education - - 1 (2%) -
Engineering - - 1 (2%) -
Forest Products 1 (4%) - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Technology 1 (4%) - 1 (2%) -
Life Science - - 1 (2%) -
Medical Products - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Plastics 1 (4%) - 1 (2%) -
Technology Hardware - - 1 (2%) -
Total 26 $7M 63 $146M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (100%) 7M (100%) 63 (100%) 146M (100%)
  Connecticut 4 (15%) 7M (100%) 13 (21%) 32M (22%)
  California 1 (4%) - 6 (10%) -
  Texas 3 (12%) - 5 (8%) -
  New Jersey 1 (4%) - 5 (8%) -
  New York 1 (4%) - 4 (6%) -
  Pennsylvania 2 (8%) - 3 (5%) -
  Ohio 1 (4%) - 3 (5%) -
  Massachusetts - - 3 (5%) -
  Wisconsin 2 (8%) - 2 (3%) -
  North Carolina 1 (4%) - 2 (3%) -
  Illinois 1 (4%) - 2 (3%) -
  Arkansas 1 (4%) - 2 (3%) -
  Virginia 1 (4%) - 1 (2%) -
  Vermont 1 (4%) - 1 (2%) -
  Tennessee 1 (4%) - 1 (2%) -
  Mississippi 1 (4%) - 1 (2%) -
  Michigan 1 (4%) - 1 (2%) -
  Maryland 1 (4%) - 1 (2%) -
  Maine 1 (4%) - 1 (2%) -
  Florida 1 (4%) - 1 (2%) -
  Delaware - - 1 (2%) 114M (78%)
  Rhode Island - - 1 (2%) -
  Oklahoma - - 1 (2%) -
  Georgia - - 1 (2%) -
  District of Columbia - - 1 (2%) -
Total 26 $7M 63 $146M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (31%) 7M (100%) 24 (38%) 121M (83%)
Growth Capital 6 (23%) - 13 (21%) -
Recapitalization 5 (19%) - 10 (16%) -
Secondary Buyout 5 (19%) - 8 (13%) -
Venture 1 (4%) - 6 (10%) -
Acquisition Financing - - 1 (2%) 25M (17%)
Divestiture 1 (4%) - 1 (2%) -
Total 26 $7M 63 $146M

Exits by Deal Type

Type Total # Value
Trade Sale 13 (34%) -
Trade Sale - Public Company 10 (26%) 577M (100%)
Secondary Sale 9 (24%) -
Recapitalization 2 (5%) -
Stake Sale 2 (5%) -
Merger 1 (3%) -
Unknown 1 (3%) -
Total 38 $577M

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 3 $98M
TOTAL $577M
Largest DelStar Technologies, Inc.
$232M (2013-11-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
93%
13 93%
Strategic(s)
7%
1 7%
Exited to
PE Firm(s)
40%
16 40%
Strategic(s)
60%
24 60%

Investor Summary

Size

Middle-Market

PE Assets

750M USD

Established

2002

Specialist/Generalist

Generalist

Leadership

Marc Reich

Founder & Chairman,CEO

Carolyn Galiette

Founding Partner, President & CIO

Roger Roche

Senior Managing Director

Victor Budnick

Senior Managing Director

Zachary Luce

CFO

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