07/08/2021 | Announcement
Ironwood Capital Announces Investment in Power Technologies, LLC To Facilitate Acquisition of Anywhere Cart
AVON, CONNECTICUT, July 8, 2021 – Ironwood Capital is pleased to announce a subordinated debt and equity investment in Power Technologies, LLC to facilitate the acquisition of Anywhere Cart (the “Company”). The Company is headquartered in Temecula, California and provides tech-enabled laptop and device charging cabinets as well as computer peripherals and various accessories to multiple end markets, including K-12 education and healthcare sectors. The Company sells to 5,000 school districts nationwide through its network of national distributors and resellers.
“Anywhere Cart is a market leader in the device charging cart space and offers a broad variety of products for K-12 school systems. Due to its early entry into the market with a device-neutral product, it benefits from a multi-year tailwind, with a clear path for organic growth,” noted Alex Levental, partner at Ironwood Capital.
Paul Witinski, director at Ironwood Capital added, “The pandemic drove a major influx of digital devices into classrooms, and the boom in device adoption is great not only for Anywhere Cart but also to help bridge the ‘digital divide’ between low-income students and their higher income peers. We are thrilled to be a small part of that effort.”
The Company’s new CEO, Kevin Mitchell, commented, “It’s a great time to be in this market, and we’re poised to accelerate the growth of Anywhere Cart beyond education and into industrial, healthcare, hospitality, and other verticals that have growing needs for device charging at scale, as well as expand the product offering through acquisitions and development initiatives. We are thrilled to be partnering with the team at Ironwood as we position the company for market leadership in the sector.”
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Its debt-oriented, national platform has invested more than $900 million in over 95 companies since 2001. Ironwood currently invests in the form of subordinated debt and minority equity in amounts ranging from $8 million to $25 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 Power Technologies, LLC
Power Technologies, headquartered in Temecula, California, provides commercial mobile power solutions serving the education, industrial, healthcare and hospitality sectors around the world. Power Technologies was created to both acquire and launch market leading brands that support the ongoing operation and enjoyment of mobile devices. Power Technologies owns Anywhere Cart, the market leader in charging carts, cabinets and accessories sold primarily to K-12 education customers. For more information, please visit https://www.anywherecart.com/.
Contacts
Carolyn C. Galiette
Partner, President
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kathy Butler
Director of Marketing
And Communications
(860) 409-2117
butler@ironwoodcap.com
