Ironwood Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ironwood Capital has acquired 9 companies. It has also invested in 5 others.

Ironwood Capital’s most common sectors for investment are environmental (16%) and manufacturing (14%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (35%) 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 18 companies. The Firm’s most common exit type is trade sale (60%). 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 Activity113
    • M&A Buy Activity73
    • M&A Sell Activity40
  • Total Sectors Invested 30
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 78

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (4.6/yr) # 50 9 6 4 1 3 73
vol $146M $146M
Sell (3.8/yr) # 21 1 4 7 5 2 40
vol $457M $120M $577M
  113

Most Recent M&A

Company Date Value Type
Southern Design Landscaping and Concrete LLC 2021-05-12 - Growth Capital
Cumming, Georgia
DSI Logistics LLC 2021-04-06 - Add-on Acquisition
Brea, California · www.dsi-logistics.com
Curtis Bay Medical Waste Services 2021-04-01 - Secondary Buyout
Baltimore, Maryland · www.curtisbaymws.com
Deal Partners LLC 2021-01-11 - Growth Capital
Miami, Florida · www.dealpartners.com
Alcom LLC 2021-01-04 - Secondary Buyout
Winslow, Maine · www.alcomusa.com
Cox Transportation Services, Inc. 2020-11-11 - Recapitalization
Ashland, Virginia · www.truckingforamerica.com
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Environmental 3 (9%) - 11 (15%) -
Manufacturing 6 (18%) - 10 (14%) -
Consumer Products 3 (9%) - 5 (7%) -
Business Services 3 (9%) - 4 (5%) -
Construction 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%)
Consumer Services 1 (3%) - 2 (3%) -
Food - - 2 (3%) -
Furniture 1 (3%) - 2 (3%) -
Machinery 1 (3%) - 2 (3%) -
Metals/Mining 1 (3%) - 2 (3%) -
Safety/Security 1 (3%) - 2 (3%) -
Automotive - - 1 (1%) -
Building Materials 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%) -
Medical Products - - 1 (1%) -
Oil/Gas Exploration 1 (3%) - 1 (1%) -
Plastics 1 (3%) - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 34 $7M 73 $146M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (100%) 7M (100%) 73 (100%) 146M (100%)
  Connecticut 7 (21%) 7M (100%) 16 (22%) 32M (22%)
  California 1 (3%) - 7 (10%) -
  Texas 3 (9%) - 5 (7%) -
  New Jersey 1 (3%) - 5 (7%) -
  New York 1 (3%) - 4 (5%) -
  Illinois 2 (6%) - 3 (4%) -
  Pennsylvania 2 (6%) - 3 (4%) -
  Ohio 1 (3%) - 3 (4%) -
  Massachusetts - - 3 (4%) -
  Maine 2 (6%) - 2 (3%) -
  Florida 2 (6%) - 2 (3%) -
  Wisconsin 2 (6%) - 2 (3%) -
  Virginia 2 (6%) - 2 (3%) -
  Georgia 1 (3%) - 2 (3%) -
  Arkansas 1 (3%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) -
  Mississippi 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Washington 1 (3%) - 1 (1%) -
  Vermont 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  Delaware - - 1 (1%) 114M (78%)
  Maryland - - 1 (1%) -
  District of Columbia - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Oklahoma - - 1 (1%) -
Total 34 $7M 73 $146M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (21%) 7M (100%) 25 (34%) 121M (83%)
Growth Capital 10 (29%) - 17 (23%) -
Recapitalization 6 (18%) - 11 (15%) -
Secondary Buyout 7 (21%) - 10 (14%) -
Venture 3 (9%) - 8 (11%) -
Acquisition Financing - - 1 (1%) 25M (17%)
Divestiture 1 (3%) - 1 (1%) -
Total 34 $7M 73 $146M

Exits by Deal Type

Type Total # Value
Trade Sale 14 (35%) -
Trade Sale - Public Company 10 (25%) 577M (100%)
Secondary Sale 10 (25%) -
Recapitalization 2 (5%) -
Stake Sale 2 (5%) -
Merger 1 (3%) -
Unknown 1 (3%) -
Total 40 $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)
15%
11 (15%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
30%
12 (30%)
Strategic(s)
63%
25 (63%)

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