Ironwood has been committed to lower middle market investing for over two decades

Waste & Environmental Services

Ironwood has broad expertise across solid waste, recycling, wastewater / sludge removal with beneficial reuse, composting, medical waste, and rail-served disposal investments

The firm has made multiple investments in this sector and its principals are frequent speakers and participants at industry events and have direct access to trusted industry relationships, including investment banks, private equity funds, industry executives and commercial banks

The Environmental Services sector has seen sustained economic growth and robust M&A activity over many years. The market is now experiencing significant tailwinds tied to ESG and environmental sustainability trends. Ironwood routinely supports its environmental services portfolio companies with the following initiatives:

• Valued added board member role to assist the company with strategic direction and exit strategies, including introductions to other industry executives
• Targeted M&A assistance to accelerate diversification and expansion strategies through its network of trusted environmental services relationship
• Close working relationship with leading senior lenders to the industry
• Share best-in-class operational and growth initiatives across our broad portfolio

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Aerospace & Defense

Ironwood has deep experience and access to value-added resources within the Aerospace and Defense sector

The firm has made multiple investments in manufacturers of critical components and sub-assemblies that service major OEMs and prime contractors, as well as the Department of Defense

We understand the inherent challenges of being positioned between large and consolidating materials suppliers and a concentrated set of end customers. Ironwood routinely supports its A&D portfolio companies with the following initiatives:

• Development and implementation of lean business systems and continuous improvement
• Investment in non-recurring engineering to ensure the business is well positioned on next-generation products and platforms
• ERP implementation to support operational improvements and provide enhanced visibility on performance
• Targeted M&A to diversity customer base and expand capabilities in order to reduce reliance on outside suppliers

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Transportation & Logistics

Ironwood has long experience helping transportation and logistics businesses navigate the changing landscape of the sector

The firm has made multiple investments in businesses across multiple T&L services, including asset-heavy/asset-light transportation, warehousing/3PL, and last mile delivery

Multiple trends are driving change within the T&L industry, particularly e-commerce and the broad reconfiguring/reshoring of supply chains. These macro trends are growing domestic T&L demand, especially in warehousing and distribution centers closer to consumers.

Ironwood routinely supports its transportation and logistics portfolio companies with the following initiatives:

• Diversity of experiences to help guide management across multiple growth opportunities (asset-heavy / asset-light transportation, warehousing, 3PL, etc.)
• Relationships with industry experts, T&L consultants, and portfolio company executives to provide value-added board members, build new relationships, and explore portfolio synergies
• Targeted M&A to diversify end markets/customer base, expand capabilities, and drive scale/multiple expansion
• Professionalization of processes and systems. These activities are important to improve business metrics but are absolutely critical prior to undertaking M&A

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Facilities Services

Ironwood is an experienced investor within the facilities services sector

The firm has made multiple investments in businesses across the spectrum of facilities services offerings, including HVAC, janitorial, shutdown/turnaround work, plumbing, landscaping, and repair.

Many facilities services companies have achieved success with a narrow focus and small customer base, but unlocking value requires both diversification and deep entrenchment with customers. The industry has undergone significant shifts recently as customers look to outsource these services to a small number of quality suppliers who can cost effectively achieve high service levels

Ironwood routinely supports its facilities services portfolio companies with the following initiatives:

• Driving key levers needed to maximize value (e.g., self-perform vs. outsourced labor, diversification into the “right” end markets, etc.)
• Expansion into new services to broaden wallet share with customers looking for tighter partnerships as they simplify their supplier base
• Targeted M&A to diversify end markets/customer base, expand capabilities, and drive scale and multiple expansion
• Professionalization of processes and systems. These activities are important to improve business metrics but are absolutely critical prior to undertaking M&A

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Business Services

Ironwood has formulated a targeted investment strategy to provide junior capital and thoughtful advice to healthcare companies and sponsors, which capitalizes on our track record and the experience of our professionals

Our thesis targets companies that benefit from the major trends driving healthcare demand and industry transformation such as aging demographics, shifts to lower acuity settings, value-based payment models, innovative therapeutic solutions, and the consumerization of healthcare

Ironwood focuses on the industry verticals where the firm can leverage its broader expertise to bring value added capabilities to its portfolio companies. Those areas are:

• Medtech – medical devices, outsourced manufacturing, diagnostics, and digital health
• Providers – physicians’ practices, home healthcare, urgent care, ambulatory surgery centers
• Wellness – nutritional supplements, fitness, natural products
• Services – outsourced service providers, medical product distributors, clinical trial services

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Manufacturing

Ironwood has a long history of investing in niche precision manufacturing companies within diverse and defensible end-markets

We take a hands-on approach to understanding each unique situation to effectively improve overall operating results by maximizing productivity while simultaneously minimizing waste within a manufacturing operation

Ironwood's precision manufacturing investment thesis provides capital to support the following industry trends that are expected to drive sector growth over the long-term:

• Increasing need for precision equipment to service advanced end markets while expanding capabilities
• Productivity gains are readily available on newer machine tools that utilize automation software and can help manufacturers more efficiently manage their workflows
• Lean manufacturing and continuous improvement business systems provide differentiation for middle market manufacturers and facilitate profitable growth
• Reshoring and nearshoring have become increasingly prevalent as U.S. companies seek to improve supply chain visibility
• Buy-and-build strategies, by establishing platforms in the sector through direct acquisitions which are expanded upon through tuck-in acquisitions

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Healthcare

Ironwood has formulated a targeted investment strategy to provide junior capital and thoughtful advice to healthcare companies and sponsors, which capitalizes on our track record and the experience of our professionals

Our thesis targets companies that benefit from the major trends driving healthcare demand and industry transformation such as aging demographics, shifts to lower acuity settings, value-based payment models, innovative therapeutic solutions, and the consumerization of healthcare

Ironwood focuses on the industry verticals where the firm can leverage its broader expertise to bring value added capabilities to its portfolio companies. Those areas are:

• Medtech – medical devices, outsourced manufacturing, diagnostics, and digital health
• Providers – physicians’ practices, home healthcare, urgent care, ambulatory surgery centers
• Wellness – nutritional supplements, fitness, natural products
• Services – outsourced service providers, medical product distributors, clinical trial services

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