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 5 others.

Ironwood Capital’s most common sectors for investment aremanufacturing (17%) and environmental (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and growth capital (24%). In total, Ironwood Capital has invested in 26 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 19 companies. The Firm’s most common exit type is trade sale (57%). 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 Activity123
    • M&A Buy Activity77
    • M&A Sell Activity46
  • Total Sectors Invested 30
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 82

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.4/yr) # 60 6 4 1 4 2 77
vol $146M $146M
Sell (4.6/yr) # 23 4 7 4 6 2 46
vol $457M $120M $577M
  123

Most Recent M&A

Company Date Value Type
Newbury Franklin Industrials 2022-05-17 - Acquisition Financing
Newburyport, Massachusetts · www.newburyfranklin.com
Pith Products LLC 2022-03-10 - Growth Capital
Ashford, Connecticut · www.pithproducts.com
The Facilities Group 2022-02-08 - Secondary Buyout
Tampa, Florida · www.thefacilitiesgroup.com
P3 Services LLC 2022-01-26 - Secondary Buyout
Auburn, Washington · www.p3services.com
Tulip Richardson Manufacturing 2021-12-07 - Add-on Acquisition
Milwaukee, Wisconsin · www.tulipcorp.com
Momentum Manufacturing Group LLC 2021-10-29 - Secondary Buyout
St Johnsbury, Vermont · www.mmg1982.com
Lakeshore Recycling Systems LLC 2021-09-21 - Unknown
Morton Grove, Illinois · www.lrsrecycles.com
Pete & Pete Container Services, Inc. 2021-07-14 - Unknown
Garfield Heights, Ohio · www.peteandpeteinc.com
Power Technologies LLC 2021-07-08 - Acquisition Financing
Temecula, California
Southern Design Landscaping and Concrete LLC 2021-05-12 - Growth Capital
Cumming, Georgia
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

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 7 (21%) - 13 (17%) -
Environmental 2 (6%) - 11 (14%) -
Construction 3 (9%) - 5 (6%) -
Consumer Products 2 (6%) - 5 (6%) -
Business Services 3 (9%) - 4 (5%) -
Transportation 1 (3%) - 4 (5%) -
Electrical Equipment 1 (3%) - 3 (4%) -
Chemicals - - 2 (3%) 114M (78%)
Aerospace - - 2 (3%) 25M (17%)
Apparel/Textiles 2 (6%) 7M (100%) 2 (3%) 7M (5%)
Food - - 2 (3%) -
Furniture 1 (3%) - 2 (3%) -
Machinery 1 (3%) - 2 (3%) -
Medical Products - - 2 (3%) -
Metals/Mining 1 (3%) - 2 (3%) -
Safety/Security 1 (3%) - 2 (3%) -
Automotive - - 1 (1%) -
Building Materials 1 (3%) - 1 (1%) -
Consumer Services 1 (3%) - 1 (1%) -
Defense 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 (3%) - 1 (1%) -
Life Science - - 1 (1%) -
Oil/Gas Exploration 1 (3%) - 1 (1%) -
Technology Hardware - - 1 (1%) -
Utilities 1 (3%) - 1 (1%) -
Total 33 $7M 77 $146M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (100%) 7M (100%) 77 (100%) 146M (100%)
  Connecticut 9 (27%) 7M (100%) 18 (23%) 32M (22%)
  California 2 (6%) - 8 (10%) -
  Texas 3 (9%) - 5 (6%) -
  New York 1 (3%) - 4 (5%) -
  Massachusetts 1 (3%) - 4 (5%) -
  Illinois 1 (3%) - 4 (5%) -
  New Jersey - - 4 (5%) -
  Pennsylvania 2 (6%) - 3 (4%) -
  Ohio 1 (3%) - 3 (4%) -
  Virginia 2 (6%) - 2 (3%) -
  Maine 2 (6%) - 2 (3%) -
  Florida 2 (6%) - 2 (3%) -
  Wisconsin 1 (3%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) -
  Georgia 1 (3%) - 2 (3%) -
  Arkansas 1 (3%) - 2 (3%) -
  Tennessee 1 (3%) - 1 (1%) -
  Mississippi 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Delaware - - 1 (1%) 114M (78%)
  Washington - - 1 (1%) -
  Vermont - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  Maryland - - 1 (1%) -
  District of Columbia - - 1 (1%) -
Total 33 $7M 77 $146M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (18%) 7M (100%) 25 (32%) 121M (83%)
Growth Capital 8 (24%) - 18 (23%) -
Recapitalization 6 (18%) - 11 (14%) -
Secondary Buyout 7 (21%) - 10 (13%) -
Venture 3 (9%) - 9 (12%) -
Acquisition Financing 2 (6%) - 3 (4%) 25M (17%)
Divestiture 1 (3%) - 1 (1%) -
Total 33 $7M 77 $146M

Exits by Deal Type

Type Total # Value
Trade Sale 16 (35%) -
Secondary Sale 13 (28%) -
Trade Sale - Public Company 10 (22%) 577M (100%)
Unknown 3 (7%) -
Recapitalization 2 (4%) -
Merger 1 (2%) -
Stake Sale 1 (2%) -
Total 46 $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)
14%
11 (14%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
33%
15 (33%)
Strategic(s)
59%
27 (59%)

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