AVON, CONNECTICUT, February 10, 2020 – Ironwood Capital Connecticut, a unit of Ironwood Capital, is pleased to announce an exit from a subordinated debt investment in Air Temp Mechanical Services, Inc. (“Air Temp”), made by its co-managed fund. The fund maintains its warrant position in Air Temp, headquartered in Southington, Connecticut. Air Temp is a full-service mechanical contractor with an emphasis on design build, service, maintenance, controls, retrofits, replacements and energy management systems.
Ironwood Capital Connecticut is focused exclusively on investments in Connecticut businesses and was created in connection with the Connecticut reinvestment statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state’s economy.
“We’re pleased with the growth story at Air Temp. The business continues to expand its Connecticut customer base and add new jobs,” stated Victor Budnick, senior managing director, Ironwood Capital. “In addition, Air Temp’s efficient technologies can provide up to a 30% energy savings. We’re excited to support a green technology leader.”
Noted Alex Levental, Ironwood Capital managing director, “The Air Temp team has successfully managed the company’s recent growth as well as the integration of Solo Mechanical. Their success made them an attractive candidate to many refinancing partners.”
“As our company has grown, Ironwood has been a supportive partner on our team,” said Jeffrey Leone, CEO of Air Temp.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 130 companies over the past 18 years. Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit https://ironwoodcap.com.
About Air Temp Mechanical Services, Inc.
Air Temp Mechanical Services, Inc., headquartered 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: https://www.ctairtemp.com/
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