AVON, CONNECTICUT, August 25, 2016 – Ironwood Capital Connecticut, a unit of Ironwood Capital, is pleased to announce a mezzanine debt investment in Turbine Technologies. Investment proceeds were used to support growth initiatives. Ironwood partnered with Connecticut Innovations to provide the financing. Based in Farmington, Connecticut, Turbine is a premier aerospace and industrial gas turbine manufacturing company.
“Turbine Technologies has been doing business in Connecticut for over 50 years, and is a great fit for us,” stated John Strahley, Ironwood Capital managing director. “They are experts in their field and widely recognized for their highly technical electric discharge machining, high speed hole and 5-axis milling services. As leaders in Connecticut’s aerospace manufacturing industry, the company’s future is bright and we are excited to help the team execute their strategy.”
“We are constantly training on the newest equipment and machining techniques to provide the highest quality and fastest development and throughput times in the industry. With significant opportunities in the market, we continue to invest in our capabilities, our people and infrastructure to meet our customers’ needs and to expand our customer base, ” stated Tyler Burke, Turbine Technologies president and CEO. “The support of Ironwood Capital and Connecticut Innovations provides valuable resources to help achieve our goals.”
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Ironwood Capital has invested, through its various partnerships, approximately $600 million in over 100 companies across the United States, including $139.1 million in 43 Connecticut-based companies. Ironwood Capital Connecticut works exclusively with Connecticut-based companies seeking capital across the entire financing spectrum from equity through senior debt. Likewise, it seeks companies at every lifecycle stage from start-ups to mature companies. For more information, please visitwww.ironwoodcap.com.
About Turbine Technologies Inc.
Turbine Technologies Inc., based in Farmington, Connecticut, has been in business over 50 years and has become a lean manufacturing enterprise. Quick tool change-over and rapid reconfigurations of work cells enable minimal down time and maximum throughput for customer’s critical component manufacturing. Services include all aspects of manufacture such as airflow testing, CMM, and project management. For more information, go to: http://turbinect.com.
About Connecticut Innovations
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize each business’s growth potential, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies, grants that support innovation and collaboration and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
Marc A. Reich
Chief Executive Officer
Marketing and Communications