AVON, CONNECTICUT, October 7, 2015 – Ironwood Capital Connecticut is pleased to announce that it has made an investment in Air Temp Mechanical Services, Inc., in the form of subordinated debt and equity.
This investment in Air Temp, based in Southington, Connecticut, was made in conjunction with an investment by Anvil Capital, a Boston-based private equity firm. Ironwood Capital Connecticut is focused exclusively on investments in Connecticut businesses and was created in connection with the Connecticut reinvestment statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state’s economy.
“We are pleased to be able to work with Anvil Capital to provide funding to Air Temp. The business has an impressive Connecticut customer base and this infusion of capital will create jobs and enable expansion in both existing and new markets,” stated Alex Levental, managing director, Ironwood Capital. “Air Temp’s expertise in Variable Refrigerant Flow technology improves HVAC customer energy efficiency up to 30%. We’re excited to support this kind of green technology.”
“Working with the Ironwood Capital team was a positive experience as they took a simple, straightforward approach to providing Air Temp with growth and transition capital,” said Ben Giess, managing partner of Anvil Capital.
“Partnering with Ironwood Capital and Anvil Capital will provide Air Temp with resources to continue the company’s organic and acquisition growth plan,” said Jeffrey Leone, president of Air Temp.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Over the past 15 years, we have invested $600 million in portfolio companies. We take a straightforward approach in providing profitable, well-managed companies with growth and transition capital coupled with strategic, operational and financial guidance. 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. With nearly 30 years of middle market experience, we seek to simplify a process that is often unnecessarily wrought with complexity and contention.
About Air Temp Mechanical Services, Inc.
Air Temp Mechanical Services, Inc. is a full service mechanical contractor with an emphasis on design build, service, maintenance, controls, retrofits, replacements and energy management systems. The company specializes in industrial, institutional and commercial buildings. Air Temp has the capabilities to service and maintain large tonnage chillers, rooftops, ductless VRV/VRF systems, mission critical data centers, EMS control systems, industrial boilers and burners. For more information visit: http://www.ctairtemp.com.