08/01/2016 | Announcement
Ironwood Capital Connecticut Announces Acquisition of Solo Mechanical Maintenance, Inc.
AVON, CONNECTICUT, August 1, 2016 – Ironwood Capital Connecticut, a unit of Ironwood Capital, is pleased to announce an additional investment in Air Temp Mechanical Services. Investment proceeds were used to support the acquisition of Solo Mechanical Maintenance, Inc., located in Newington, Connecticut. Solo Mechanical services Connecticut-area businesses. It provides installation and servicing of commercial and industrial air conditioning, heating, refrigeration and ventilation systems, as well as energy management equipment installation, service and maintenance.
“The acquisition of Solo Mechanical is the first step in executing on Air Temp’s growth strategy,” stated Alex Levental managing director, Ironwood Capital. “With 40 technicians and 14 office staff, Air Temp is well-positioned to be the dominant full service mechanical contractor in the state of Connecticut.”
“Ironwood Capital served as a great capital partner by stepping up to fill an unexpected capital need prior to closing to get the deal done,” stated Ben Giess, managing partner of Anvil Capital, private equity sponsor in Air Temp.
“We’re excited to have Solo Mechanical join the Air Temp family,” said Jeffrey Leone, president of Air Temp. “The company has a great reputation in the market and a team of highly skilled technicians that complement our organization.”
“Our organization is excited to partner with Air Temp as we continue to expand across the state,” stated Lev Solodovnik, owner of Solo Mechanical. “This transaction will allow the talented employees that help build Solo Mechanical to continue to grow professionally as part of a larger organization.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Ironwood Capital has invested, through its various partnerships, approximately $600 million in over 100 companies across the United States, including $134.9 million in 41 Connecticut-based companies. Ironwood Capital Connecticut works exclusively with Connecticut-based companies seeking capital across the entire financing spectrum from equity through senior debt. Likewise, it seeks companies at every lifecycle stage from start-ups to mature companies. For more information, please visit www.ironwoodcap.com.
About Air Temp Mechanical Services, Inc.
Air Temp Mechanical Services, Inc., based in Southington, Connecticut, is a full service mechanical contractor with an emphasis on design build, service, maintenance, controls, retrofits, replacements and energy management systems. The company specializes in industrial, institutional and commercial buildings. Air Temp has the capabilities to service and maintain large tonnage chillers, rooftops, ductless VRV/VRF systems, mission critical data centers, EMS control systems, industrial boilers and burners. For more information go to www.ctairtemp.com
Contacts:
Marc A. Reich
Chairman and
Chief Executive Officer
(860) 409-2101
reich@ironwoodcap.com
Kathy Butler
Marketing and Communications
Director
(860) 409-2117
butler@ironwoodcap.com
