08/07/2017 | Announcement
Ironwood Capital Announces Subordinated Debt Investment in Simonds International, LLC
AVON, CONNECTICUT, August 7, 2017 – Ironwood Capital is pleased to announce a subordinated debt investment in Simonds International, LLC, headquartered in Fitchburg, Massachusetts.
“Simonds is a leader in the development and manufacture of innovative cutting tools for the wood processing industry,” stated Ironwood Capital President and Chief Investment Officer Carolyn Galiette. “The company’s commitment to continuous improvement and lean manufacturing practices coupled with their outstanding reputation in the market has positioned them for exceptional long term growth. We are pleased that it’s the first investment made from our newest funds, Ironwood Mezzanine Fund IV LP and Ironwood Mezzanine Fund IV-A LP.”
Paul Witinski, Ironwood Capital director, noted, “Simonds has a very strong market position in saws and knives, but instead of resting on its laurels, the company continues to expand into other parts of the value chain to provide more value to customers. We like the company’s leadership position and its growth prospects.”
“We’re excited to be working with the Ironwood Capital team. Ironwood’s investment provides us the capital resources necessary to execute on our growth strategy,” said Ray Martino, Simonds president and CEO.
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 $700 million in over 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 Simonds International LLC
Simonds International, founded in 1832 and headquartered in Fitchburg, Massachusetts, is a leader in the development and manufacture of wood cutting tools. It designs and manufactures consumable tools and solutions for the primary wood fiber processing industry, including a broad range of cutting, chipping, peeling, and shaping tools, and proprietary equipment for their routine sharpening and reconditioning. For more information, visit the company’s website at http://www.simondsint.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
