Ironwood Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Ironwood Capital has acquired 5 companies. It has also invested in 13 others.

Ironwood Capital’s most common sectors for investment aremanufacturing (18%) and environmental (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and growth capital (29%). In total, Ironwood Capital has invested in 28 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 14 companies. The Firm’s most common exit type is trade sale (58%). 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 Activity139
    • M&A Buy Activity90
    • M&A Sell Activity49
  • Total Sectors Invested 33
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 79

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 20 250
Target EBITDA 4 20
Investment Size 10 40
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (4.6/yr) # 67 5 1 5 11 1 90
vol $146M $146M
Sell (4.2/yr) # 28 7 4 7 3 - 49
vol $457M $120M $577M
  139

Most Recent M&A

Company Date Value Type
Le Sueur, Inc. 2023-01-05 - Buyout (LBO, MBO, MBI)
Le Sueur, Minnesota · www.lesueurinc.com
Summit Steel Fabricating Group 2022-09-28 - Growth Capital
Reading, Pennsylvania · www.summitsteelinc.com
Pro Disposal USA LLC 2022-07-29 - Growth Capital
Ridgeland, South Carolina · www.prodisposalsc.com
Ripley Tools LLC 2022-07-28 - Add-on Acquisition
Cromwell, Connecticut · www.ripley-tools.com
Star Waste Systems LLC 2022-07-01 - Growth Capital
Bellingham, Massachusetts · www.bostoncarting.net
Directional Services, Inc. 2022-06-08 - Growth Capital
Hope Mills, North Carolina · www.directionalservices.net
Newbury Franklin Industrials 2022-05-17 - Acquisition Financing
Newburyport, Massachusetts · www.newburyfranklin.com
Mid-West Textile LLC 2022-05-09 - Growth Capital
El Paso, Texas · www.mid-westtextile.com
ICM Controls 2022-05-03 - Buyout (LBO, MBO, MBI)
Syracuse, New York · www.icmcontrols.com
Hickory Holdings, LLC 2022-04-25 - Growth Capital
Granite Falls, North Carolina · www.homesteadshedsusa.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
Mentor, Ohio · www.libraindustries.com Guaymas, Mexico
Libra Industries, Inc. 2019-05-21 Gemcity Engineering and Manufacturing 2019-12-16 1
Mentor, Ohio · www.libraindustries.com Dayton, Ohio · www.gemcity.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 9 (24%) - 16 (18%) -
Environmental 3 (8%) - 13 (14%) -
Construction 4 (11%) - 7 (8%) -
Consumer Products 1 (3%) - 5 (6%) -
Business Services 2 (5%) - 4 (4%) -
Transportation 1 (3%) - 4 (4%) -
Apparel/Textiles 2 (5%) - 3 (3%) 7M (5%)
Electrical Equipment 1 (3%) - 3 (3%) -
Machinery 2 (5%) - 3 (3%) -
Metals/Mining 2 (5%) - 3 (3%) -
Chemicals - - 2 (2%) 114M (78%)
Aerospace - - 2 (2%) 25M (17%)
Food - - 2 (2%) -
Furniture 1 (3%) - 2 (2%) -
Medical Products - - 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%) -
Healthcare Services - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Internet Software and Services - - 1 (1%) -
Life Science - - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Packaging 1 (3%) - 1 (1%) -
Publishing 1 (3%) - 1 (1%) -
Technology Hardware - - 1 (1%) -
Utilities 1 (3%) - 1 (1%) -
Total 37 - 90 $146M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (100%) - 90 (100%) 146M (100%)
  Connecticut 6 (16%) - 20 (22%) 32M (22%)
  California 2 (5%) - 8 (9%) -
  Texas 3 (8%) - 6 (7%) -
  Pennsylvania 3 (8%) - 6 (7%) -
  Massachusetts 2 (5%) - 6 (7%) -
  New York 2 (5%) - 5 (6%) -
  Ohio 2 (5%) - 4 (4%) -
  Illinois 1 (3%) - 4 (4%) -
  New Jersey - - 4 (4%) -
  North Carolina 2 (5%) - 3 (3%) -
  Mississippi 2 (5%) - 2 (2%) -
  Maine 2 (5%) - 2 (2%) -
  Florida 2 (5%) - 2 (2%) -
  Wisconsin 1 (3%) - 2 (2%) -
  Georgia 1 (3%) - 2 (2%) -
  Arkansas 1 (3%) - 2 (2%) -
  Virginia 1 (3%) - 1 (1%) -
  South Carolina 1 (3%) - 1 (1%) -
  Minnesota 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Colorado 1 (3%) - 1 (1%) -
  Delaware - - 1 (1%) 114M (78%)
  Washington - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  Maryland - - 1 (1%) -
  District of Columbia - - 1 (1%) -
Total 37 - 90 $146M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (24%) - 29 (32%) 121M (83%)
Growth Capital 16 (43%) - 26 (29%) -
Recapitalization 4 (11%) - 12 (13%) -
Secondary Buyout 5 (14%) - 10 (11%) -
Venture - - 9 (10%) -
Acquisition Financing 2 (5%) - 3 (3%) 25M (17%)
Divestiture 1 (3%) - 1 (1%) -
Total 37 - 90 $146M

Exits by Deal Type

Type Total # Value
Trade Sale 17 (35%) -
Secondary Sale 13 (27%) -
Trade Sale - Public Company 11 (22%) 577M (100%)
Unknown 3 (6%) -
Recapitalization 2 (4%) -
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Stake Sale 1 (2%) -
Total 49 $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
Investor(s)
13%
12 (13%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
35%
17 (35%)
Strategic(s)
59%
29 (59%)

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

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