11/13/2019 | Announcement
Ironwood Capital Announces Sale of Precision Manufacturer Numet Machining Techniques
AVON, CONNECTICUT, November 12, 2019 – Ironwood Capital is pleased to announce an exit from its investment in precision manufacturer Numet Machining Techniques (“Numet”), which was sold to Bromford Industries.
Numet, headquartered in Orange, Connecticut, is a manufacturer of precision machined components requiring complex geometries and exotic alloys. Numet supplies many of the key leading aerospace engine platforms. Its customers include Pratt & Whitney, GE Aviation and the U.S. Department of Defense.
Ironwood Capital Managing Director Jim Barra stated, “Ironwood Capital is proud to have partnered with Numet over the past several years. During our investment period, the Numet management team transformed the business from a components supplier to a value-added partner and trusted resource for its major customers. Significant investments in people, facilities and production equipment made Numet an attractive strategic asset for potential acquirers, and we think Bromford Industries is a great partner for Numet to continue on its growth trajectory.”
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 Numet Machining Techniques
Founded in 1984, Numet Machining Techniques is a manufacturer of precision machined components for major aerospace engine OEMs and the U.S. Department of Defense. Numet is a self-release Tier 1 provider of major rotating parts and also services customers in the overhaul and repair market for both military and commercial aviation, and ground power applications. Numet holds ISO-9001, AS9100 and Nadcap certifications. For more information, please visit: http://www.numet.net/.
Contact:
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
