Investment Summary

Ironwood Capital and Golub Capital Invest In Whitcraft

On December 1, 2008, growth capital firm Ironwood Capital and lender Golub Capital invested in aerospace company Whitcraft for 25M USD

Investment Highlights
  • This is Ironwood Capital’s 1st and Golub Capital’s 2nd transaction in the Aerospace sector.
  • This is Ironwood Capital’s 2nd and Golub Capital’s 3rd largest (disclosed) transaction.
  • This is Ironwood Capital’s 20th and Golub Capital’s 15th transaction in the United States.
  • This is Ironwood Capital’s 7th and Golub Capital’s 1st transaction in Connecticut.
Investment Fate
  • Whitcraft was recapitalized in 2010.
  • Whitcraft was sold to a consortium of financial buyers in 2017.
  • Whitcraft merged with another company in 2023.

Investment Summary

Date 2008-12-01
Target Whitcraft
Sector Aerospace
Investor(s) Ironwood Capital
Golub Capital
Deal Type Acquisition Financing
Deal Value 25M USD

Target

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.

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Investor(S) 2

Investor

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 20 of 97
Sector: Aerospace M&A 1 of 3
Type: Acquisition Financing M&A Deals 1 of 3
State: Connecticut M&A 7 of 20
Country: United States M&A 20 of 97
Year: 2008 M&A 6 of 6
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-25 Memry

Bethel, Connecticut, United States

Memry provides design, engineering, development, and manufacturing services to the medical device and other industries using the Company's proprietary shape memory alloy technologies. Memry was founded in 1981 and is based in Bethel, Connecticut.

Sell $77M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-18 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.

Sell -
Investor

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 15 of 69
Sector: Aerospace M&A 2 of 3
Type: Acquisition Financing M&A Deals 1 of 1
State: Connecticut M&A 1 of 3
Country: United States M&A 15 of 66
Year: 2008 M&A 6 of 6
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-22 Driven Brands

Charlotte, North Carolina, United States

Driven Brands is a parent company of automotive aftermarket brands across four distinct verticals: Repair & Maintenance, housing Meineke Car Care Centers; Paint & Collision, housing Maaco, CARSTAR, and ABRA; Distribution, housing 1-800-Radiator & A/C and Spire Supply; and Quick Lube, housing Take 5 Oil Change. Driven Brands was incorporated in 1972 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-30 Katena

Parsippany, New Jersey, United States

Katena is a provider of precision ophthalmic instruments and therapeutics to physician offices, hospitals, and surgical centers. Katena’s product offering includes precision surgical instruments, single-use devices, and specialty biologics that are sold into over 100 countries through a network of direct salespeople and distributors. Katena was founded in 1975 and is based in Parsippany, New Jersey.

Buy -