11/10/2020 | Announcement
Ironwood Capital Announces Subordinated Debt Investment in Peltram Plumbing, LLC
AVON, CONNECTICUT, Nov. 10, 2020 – Ironwood Capital is pleased to announce a subordinated debt investment in Peltram Plumbing, LLC (“Peltram”).
Peltram is a plumbing services provider based in Seattle, Washington, with a primary focus on the residential construction market. Peltram will use the proceeds from the Ironwood Capital investment to complete its acquisition of Precision Plumbing and Service, LLC, a plumbing services provider based in Charlotte, North Carolina, with a primary focus in the commercial construction market. Peltram is a portfolio company of Crescendo Capital Partners.
“The combined entity will be a bi-coastal plumbing services provider in growing regional markets with end market diversification and complementary cultures. Post-closing integration includes purchasing synergies, unifying systems and sharing best practices. Our investment thesis recognized the growth opportunity due to Peltram’s strong backlog and pipeline, low leverage and deep experience in the construction industry,” said Alex Levental, managing director, Ironwood Capital.
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 $850 million in over 90 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 www.ironwoodcap.com.
About Peltram Plumbing, LLC
Peltram Plumbing Holdings, LLC (“Peltram”) is an Auburn, Washington-based provider of plumbing and mechanical services for single-family and multi-family residential construction projects. Peltram serves the Greater Puget Sound area and is the plumber of choice for an array of nationally recognized homebuilders, multi-family developers, and general contractors. For more information, please visit http://peltramplumbing.com
Contacts
Carolyn C. Galiette
President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kathy Butler
Marketing and
Communications Director
(860) 409-2117
butler@ironwoodcap.com
