History

Ironwood Capital brings over 25 years of experience working with middle market companies.

Like all firms and the people within them, Ironwood Capital has a history. Ours is one of over 25 years of helping middle market companies pursue their destinies in good times and bad while we defined and redefined our own firm.

1986 Marc Reich establishes the investment banking unit of Aetna Financial Services, Inc., a subsidiary of Aetna Life & Casualty. The business will eventually become Ironwood Capital.
1988 The firm becomes the leader in developing non-mortgage asset-backed securities and the market for them, proving that sub-$200 million securitizations are cost-effective for middle market issuers and attractive to institutional investors, particularly insurance companies. Carolyn Galiette joins the firm.
1991 Reich, Galiette and two fellow Aetna officers purchase the investment banking business from Aetna and establish Ironwood Capital as an independent investment banking firm with a staff of six.
1994 -1996 Ironwood Capital establishes its Bank Corporate Finance practice, which raises junior capital for middle market companies in conjunction with their bank lenders, and its Fund Services practice, which provides formation advice and capital raising services for small funds. Both diversify the firm and fuel growth. Ellen Stotler and Jim Barra join firm.
1999 As large Wall Street firms and other new competitors enter the sub-$200 million securitization market and subprime lending grows, management makes the decision to exit the securitization market. After conducting a strategic assessment of the firm’s capabilities and opportunities, Reich and Galiette lead the transition from investment banking to investment management.
2000 Firm embarks on process of forming first fund while continuing the investment banking business. Roger Roche joins Ironwood.
2001 Ironwood Mezzanine Fund LP, an $83 million mezzanine small business investment company (“SBIC”), begins investing. Dickson Suit joins Ironwood.
2002 After raising over $6 billion of capital in over 100 transactions for middle market businesses, Ironwood Capital formally exits the investment banking business. A decade of successful placements with an institutional investor base comprised primarily of insurance companies established a foundation for growth of the asset management platform.
2004 Ironwood Equity Fund LP, organized as a $75 million later stage venture SBIC, begins investing. Total assets under management exceed $150 million.
2005 Vic Budnick joins Ironwood Capital as a member of the management team for Ironwood Equity Fund LP. Alex Levental joins the firm.
2006 Michael Benson joins firm.
2007 Ironwood Mezzanine Fund II LP, a $172 million SBIC with the same strategy and focus as the first mezzanine fund, begins investing. Total assets under management exceed $250 million. Ryan Phalen joins Ironwood.
2008 Trevor Russo joins firm.
2010 The firm forms Ironwood Capital Connecticut to manage a $90+ million pool of insurance company capital to be invested in Connecticut-based companies. Total assets under management now exceed $350 million. John Strahley and Zach Luce join the firm.
2012 The $300+ million Ironwood Mezzanine Fund III LP begins investing. Assets under management exceed $500 million. Sandy Samuels, Kim Craig, Paul Witinski and Adam Dotson join Ironwood Capital.
2014 Kathy Butler joins the firm as Marketing and Communications Director.