An iron force on the East Coast
Over the years, Ironwood Capital Ltd. has honed its specialty in
the realm of middle market deals. Established in 1991,
Ironwood Capital exists as the investment unit of parent Ironwood
Capital Ltd. Through Ironwood Equity Fund and Ironwood
Mezzanine Fund, Ironwood Capital works on buyouts and
recapitalizations in addition to acquisitions.
Ironwood's investment capital comes from a variety of sources,
including insurance companies, banks and parent Ironwood Capital
Ltd. The firm boasts serving as principal in more than 40
transactions since 2002, and prior to that, the firm worked on more
than 100 deals that raised more than $5 billion in capital.
In 2008, Ironwood had about $300 million of capital under
management. The firm's headquarters is located in Avon,
Conn., and it has an additional office in Boston.
Up to par?
For Ironwood to want to invest in a company, the business first
has to meet a few criteria. Geographically, Ironwood seeks
out firms that are located in the east (preferably "east of the
Mississippi River," according to Ironwood). Secondly, the
firm should have total revenue anywhere from $10 million to $200
million. Finally, Ironwood looks for a company that
appreciates diversity, preferring to invest in businesses owned by
women and/or minorities and located in low- and moderate-income
areas. Its ultimate goal is to achieve growth for a company
over the course of three to five years, at which point Ironwood
will usually sell off its investment.
A few wildcards
Keeping with its diversity theme, the firm practices what it
preaches, currently holding an assortment of businesses in its
portfolio. The companies in Ironwood's collection truly run
the gamut, ranging from environmental services to consumer products
sectors. The specific businesses Ironwood holds are pretty
colorful as well, ranging from fountain drink manufacturer Al's
Holding to Micro Precision, a manufacturer of locomotive air