M&A Deal Summary

Ironwood Capital and AHR Growth Partners Acquire Hickory

On April 25, 2022, growth capital firm Ironwood Capital and merchant bank AHR Growth Partners acquired construction company Hickory

Acquisition Highlights
  • This is Ironwood Capital’s 5th and AHR Growth Partners’ 1st transaction in the Construction sector.
  • This is Ironwood Capital’s 81st and AHR Growth Partners’ 6th transaction in the United States.
  • This is Ironwood Capital’s 2nd and AHR Growth Partners’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2022-04-25
Target Hickory
Sector Construction
Buyer(s) Ironwood Capital
AHR Growth Partners
Deal Type Recapitalization

Target

Hickory

Granite Falls, North Carolina, United States
Hickory comprised of Sheds Direct and Homestead Buildings, is a vertically integrated producer, value-added distributor and retailer of outdoor storage buildings predominately serving North Carolina, Virginia, West Virginia, and Ohio as well as Indiana, Pennsylvania, Michigan, and New York through an exclusive network of 70+ dealers. Hickory is based in Granite Falls, North Carolina.

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Buyer(S) 2

Buyer

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 81 of 95
Sector (Construction) 5 of 7
Type (Recapitalization) 13 of 14
State (North Carolina) 2 of 4
Country (United States) 81 of 95
Year (2022) 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-10 Pith Products

Ashford, Connecticut, United States

Pith Products is a designer and manufacturer of tool storage solutions primarily for the aerospace industry and precision tool markets. Pith Products was founded in 1991 and based in Ashford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-03 ICM Controls

Syracuse, New York, United States

ICM Controls is a domestic manufacturer of custom electronic control solutions distributed throughout the world. ICM’s vertically integrated manufacturing model provides partners with options efficiently from concept to prototype to production, without compromise in quality. ICM Controls is based in Syracuse, New York.

Buy -
DESCRIPTION


DEAL STATS #
Overall 6 of 6
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 6 of 6
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-06 Sola Salon Studios

Lakewood, Colorado, United States

Sola Salon Studios provides a unique service to entrepreneurs, giving stylists and beauty professionals high-end, fully-equipped salon studios to start their own businesses without the administrative burden and risk associated with opening a retail storefront. Sola Salon Studios was established in 2004 and is based in Lakewood, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Radiance Holdings

Lakewood, Colorado, United States

Radiance Holdings represents a collection of premier brands in the beauty, wellness, and self-care sector. Radiance's current brand portfolio includes Sola Salons, a salon studios franchise; Woodhouse, a day spa brand in the U.S.; and BeautyHive, an online distributor of professional beauty products. The company is committed to investing in its brands, driving innovation, and helping its franchisees and their community of independent beauty professionals grow their businesses and improve their lives. Radiance Holdings is based in Lakewood, Colorado.

Sell -