03/10/2022 | Announcement
Ironwood Capital Connecticut Invests in Pith Products, LLC
AVON, CONNECTICUT, March 10, 2022 – Ironwood Capital is pleased to announce Ironwood Capital Connecticut’s subordinated debt and preferred equity investment in Pith Products, LLC (“Pith”). Located in Ashford, Connecticut, Pith designs and manufactures tool storage solutions primarily for the aerospace industry and precision tool markets.
Ironwood Capital Connecticut provided subordinated debt and, along with The Shoreham Group and Merrimack Seacoast, equity investments in support of Pith. People’s United Bank provided a senior loan.
Ironwood Capital Partner Alex Levental stated, “Pith offers a highly customized tooling storage solution for its customers that sets the company apart from its competitors and “off the shelf” products. We have laid out a plan to expand the sales team to pursue geographies outside southern New England with a strong aerospace presence as well as untapped opportunities in other end markets.”
Founded in 1991, Pith offers a broad range of tool storage solutions including foam, metal, and wood boxes and containers, mobile carts, and tube and bracket products. All of the company’s products are designed and manufactured in-house with a focus on customizing their packaging products for a specific customer need.
About Ironwood Capital
Celebrating 20 Years of Middle Market Investing
Ironwood Capital provides non-control growth capital to middle market companies across the U.S. The Firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $30 million. Ironwood’s investments support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts.
For more information, please visit: ironwoodcap.com.
About Pith Products, LLC
Pith Products is a designer and manufacturer of tool storage solutions primarily for the aerospace industry and precision tool markets based in Ashford, CT. The company offers a broad range of patented and custom tool storage solution containers, cases, and carts with custom-cut foam and plastic container inserts, wooden crates and boxes, aluminum-bound laminate cases, metal corner boxes, and tube and bracket products designed for multiple applications, including lean manufacturing and foreign object debris (“FOD”) control.
For more information, please visit: pithproducts.com.
Media Contacts
Carolyn C. Galiette
Partner, President
and Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125
craig@ironwoodcap.com
