Avon, CT October 6, 2014 — Ironwood Capital, a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, today announced that it has made an investment in Flow Dry Technology, Inc.
Flow Dry, established in 1946 and based in Brookville, OH, is a leading supplier of moisture control products and gaskets to global automotive, healthcare, and industrial markets. The company is a leader in the manufacturing of desiccant and adsorbent products that are used in automotive HVAC (heating, ventilating, and air conditioning) systems worldwide.
“We are pleased to have supported Argosy Private Equity in their acquisition of a controlling interest in Flow Dry,” said Carolyn Galiette, Senior Managing Director of Ironwood Capital. Jim Barra, Managing Director of Ironwood Capital, added “Flow Dry’s dominant market position within certain automotive HVAC products and its global manufacturing footprint provide an excellent platform for growth.”
About Ironwood Capital
With over $500 million of capital under management, Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. We take a straightforward approach in providing profitable, well-managed companies with growth and transition capital coupled with strategic, operational and financial guidance. With over 25 years of middle market experience, 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. Throughout, we seek to simplify a process that is often unnecessarily wrought with complexity and contention.