Investment Summary

Ironwood Capital, CD Ventures and Argosy Private Equity Exits NOVA Records Management

On May 18, 2009, Cornerstone Records Management invested in information technology company NOVA Records Management from Ironwood Capital, CD Ventures and Argosy Private Equity

Investment Highlights
  • This is Cornerstone Records Management’s 1st transaction in the Information Technology sector.
  • This is Cornerstone Records Management’s 1st transaction in the United States.
  • This is Cornerstone Records Management’s 1st transaction in Pennsylvania.

Investment Summary

Date 2009-05-18
Target NOVA Records Management
Sector Information Technology
Investor(s) Cornerstone Records Management
Sellers(s) Ironwood Capital
CD Ventures
Argosy Private Equity
Deal Type Add-on Acquisition

Target

NOVA Records Management

Berwyn, Pennsylvania, United States
Nova provides storage services for all major media, as well as on-site records management programs, to companies located throughout the Northeastern United States. NOVA also provides data management, certified destruction services, imaging, offsite data protection, digital archiving, and compliance solutions for its customers.

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Investor(S) 1

Investor

Cornerstone Records Management

Aurora, Colorado, United States

Category Company
Founded 2008
Sector Information Technology
DESCRIPTION

Cornerstone Records Management LLC is a provider of secure document storage, document destruction, media vaulting, online backup, imaging, and services to the smallest and largest business, legal, medical, accounting, financial, and real estate organizations.


DEAL STATS #
Overall 1 of 2
Sector: Information Technology M&A 1 of 2
Type: Add-on Acquisition M&A Deals 1 of 2
State: Pennsylvania M&A 1 of 1
Country: United States M&A 1 of 2
Year: 2009 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-22 PageFile

Long Beach, California, United States

PageFile, Inc. (MasterFiles) is a provider of file storage and management company.

Buy -

Seller(S) 3

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 3 of 55
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 3 of 33
State: Pennsylvania M&A 1 of 2
Country: United States M&A 3 of 55
Year: 2009 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-01 Whitcraft

Eastford, Connecticut, United States

Whitcraft is a manufacturer of high quality, precision formed, machined and fabricated metal parts for the U.S. aerospace industry. The Company manufactures new and replacement jet engine and helicopter parts for large engine manufacturers serving both the commercial and military aircraft market. Whitcraft was founded in 1960 and is based in Eastford, Connecticut.

Buy $25M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-04 Delivery Agent

San Francisco, California, United States

Delivery Agent, Inc. is a provider of outsourced e-commerce solutions to the media and entertainment industry. Powering a new breed of commerce through web, mobile and interactive television platforms, Delivery Agent has created a new playing field from which their media partners can truly expand their commerce reach to millions of new consumers around the globe.

Buy -
SELLER

CD Ventures

Berwyn, Pennsylvania, United States

Category Private Equity Firm
Founded 1996
Size Small
Type Sector Agnostic
DESCRIPTION

CD Ventures is a private equity firm that finances management and leveraged buyouts as well as provides expansion capital to US based companies. CD Ventures looks for transactions requiring $15 to $50 million of equity capital in a variety of industries. CD Ventures was formed in 1996 and is based in Berwyn, Pennsylvania.


DEAL STATS #
Overall 3 of 3
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Pennsylvania M&A 2 of 2
Country: United States M&A 3 of 3
Year: 2009 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-15 Keystone Helicopter Holdings

Coatesville, Pennsylvania, United States

Keystone is one of the oldest commercial helicopter service providers in the eastern US. The Company's offerings include flight, technical and engineering services.

Sell -
SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 8 of 55
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 6 of 39
State: Pennsylvania M&A 4 of 17
Country: United States M&A 8 of 55
Year: 2009 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-21 Karl s Event Rental

Oak Creek, Wisconsin, United States

Karl's Event Rental, Inc. provides rental services for corporate, gala, industrial, festival, hospitality, disaster relief, private, trade shows, sporting, and exposition events in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-12 Ranger International Services Group

Greenville, South Carolina, United States

Ranger International Services Group is an outsourced provider of airfield and logistics services to both the U.S. Armed Forces and commercial companies within the aerospace and defense industry.

Buy -