M&A Deal Summary

Ironwood Capital Acquires Merrill Industries

On January 20, 2017, growth capital firm Ironwood Capital acquired packaging company Merrill Industries from Pine Street Capital Partners and Advantage Capital Partners

Acquisition Highlights
  • This is Ironwood Capital’s 1st transaction in the Packaging sector.
  • This is Ironwood Capital’s 50th transaction in the United States.
  • This is Ironwood Capital’s 15th transaction in Connecticut.
Investment Fate
  • Merrill Industries was recapitalized in 2023.

M&A Deal Summary

Date 2017-01-20
Target Merrill Industries
Sector Packaging
Buyer(s) Ironwood Capital
Sellers(s) Pine Street Capital Partners
Advantage Capital Partners
Deal Type Recapitalization

Target

Merrill Industries

Ellington, Connecticut, United States
Merrill Industries is a manufacturer and sells high-quality corrugated and solid fiber packaging products, and resells packing filler materials such as foam and plastic inserts. Merrill Industries was founded in 1973 and is based in Ellington, Connecticut.

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Buyer(S) 1

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 50 of 97
Sector: Packaging M&A 1 of 1
Type: Recapitalization M&A Deals 9 of 15
State: Connecticut M&A 15 of 20
Country: United States M&A 50 of 97
Year: 2017 M&A 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-31 STG Logistics

Dublin, Ohio, United States

STG Logistics is a provider of facilities-based containerized logistics services including container deconsolidation, reconsolidation, transloading, warehousing, and outsourced transportation solutions including final mile delivery. STG Logistics was founded in 1985 and is based in Dublin, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-24 Lewis Clark Recycling and Disposal

Harrisburg, Illinois, United States

Lewis Clark Recycling and Disposal LLC is a solid waste company providing non-hazardous solid waste collection and disposal services to southern Illinois and greater Omaha markets.

Buy -

Seller(S) 2

SELLER

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 7 of 18
Sector: Packaging M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 2
State: Connecticut M&A 1 of 1
Country: United States M&A 7 of 18
Year: 2017 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-18 Thermacore

Lancaster, Pennsylvania, United States

Thermacore, Inc. is specializes in the design, development and manufacturing of high performance thermal management systems and components for the computer, military, aerospace, energy conversion, medical, and telecommunications markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Artifact Uprising

Denver, Colorado, United States

Artifact Uprising provides modern, well-crafted printed photo products such as albums, books and gifts made with a focus on elevated design and sustainable materials. Artifact Uprising was founded in 2012 and is based in Denver, Colorado.

Buy -
SELLER

Advantage Capital Partners

New Orleans, Louisiana, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1992
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Capital Partners is a private equity firm focused on providing growth capital to a variety of companies. The Firm's geographic coverage includes Alabama, Colorado, Florida, Hawaii, Louisiana, Mississippi, Missouri, New York, Texas, Wisconsin and Washington DC. Advantage looks to initially commit $0.5 to $2 million per investment and can provide mezzanine debt in addition to equity capital. Areas of interest include communications, information technology, life science, and energy. Advantage Capital was formed in 1992 and is headquartered in New Orleans, Louisiana.


DEAL STATS #
Overall 73 of 113
Sector: Packaging M&A 1 of 1
Type: Recapitalization M&A Deals 3 of 4
State: Connecticut M&A 7 of 10
Country: United States M&A 73 of 113
Year: 2017 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 MD Medical

Flowood, Mississippi, United States

MD Medical provides medical equipment and care suppliers. It provides hospices, home health agencies, long-term care facilities, and nursing homes with Medicare Part B durable medical equipment such as wound care dressings, ostomy supplies, tracheostomy supplies and catheter supplies. MD Medical was founded in 1997 and is based in Flowood, Mississippi.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-01 Strong Suit Clothing

Little Rock, Arkansas, United States

Strong Suit Clothing is a men's apparel company, that designs and makes clothing for men that include suits, blazers, vests, tuxedos, trousers, shirts and ties. Strong Suit Clothing was founded in 2014 and is based in Little Rock, Arkansas.

Sell -