10/02/2017 | Announcement
Ironwood Capital Announces Investment in HMS Productions, Inc.
AVON, CONNECTICUT, October 2, 2017 – Ironwood Capital is pleased to announce an investment in HMS Productions, Inc., headquartered in New York, New York. Ironwood Capital partnered with Sandy Hill Investors, the private equity arm of Bruderman & Company, which led the recapitalization of the company. Spring Capital and Huntington Capital participated as co-investors with Ironwood Capital.
Ironwood Capital President and Chief Investment Officer Carolyn Galiette noted, “HMS is one of the country’s leading apparel manufacturers. The company has become an important resource to many of the leading department and off-price apparel retailers in the country, with a history of strong performance, quality and innovation. We’re excited to have them in our portfolio.”
Ironwood Capital Managing Director Jim Barra stated, “HMS controls the process, from design to manufacture to distribution. We like their leading position within a niche that has significantly outperformed the broader retail apparel market. The company is able to deliver quality products on time, cost-effectively and at a scale that differentiates them among their peers.”
“HMS has grown over the past 30 years as a turnkey supplier for apparel retailers because we focus on the needs of our customers. Working with this group of investors, we’ll continue our customer-focused approach to grow our customer base,” said Lou Breuning, HMS president.
Ironwood and Sandy Hill spent several years getting to know HMS before executing this important transaction. “We took the time needed to understand the owners’ needs and goals, as well as their culture and vision for the future,” stated Matthew J. Bruderman, chairman of Bruderman & Company.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing over $700 million in more than 125 companies over the past 16 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 www.ironwoodcap.com.
About Bruderman & Company
Bruderman & Company is a privately held financial services firm. The firm’s business segments consist of asset management, investment banking and merchant banking. The firm is currently owned and operated by the third generation of the Bruderman family. Its subsidiaries are registered with the U.S. Securities and Exchange Commission (SEC) and are members of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). For more information please visit www.bruderman.com.
About HMS Productions, Inc.
HMS Productions, Inc. has built its business over the past 30 years. Its mission is to design affordable, well-made and great-fitting clothing. It is headquartered in New York, New York. For more information, please visit www.hmsproductions.nyc.
About Huntington Capital Investment Company
Huntington Capital Investment Company (“HCIC”) is a $130 million subordinated debt fund established by Huntington Bancshares, Inc., the parent company of The Huntington National Bank. HCIC specializes in providing patient capital to middle market companies and private equity sponsors. HCIC typically makes investments of $2 to $7 million in the form of subordinated debt and/or minority equity positions.
About Spring Capital
Spring Capital Partners was established in 1999 to provide mezzanine capital to growing small and medium size businesses. With over $350 million invested or under management, we are currently investing out of our third fund. Spring makes investments primarily in the form of subordinated debt with equity features in the range of $2 million to $12 million per investment. For more information, please visit www.springcap.com.
Contacts
Carolyn C. Galiette
President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kathy Butler
Director of Marketing
and Communications
(860) 409-2117
butler@ironwoodcap.com
