09/29/2022 | Announcement
Ironwood Capital Makes Strategic Investment in a Full-Service Fabrication and Machining Provider
Subordinated debt and equity investments position Summit Steel Fabricating Group for continued growth
AVON, CONNECTICUT – September 28, 2022 – Ironwood Capital is pleased to announce debt and equity investments to support Lorraine Capital’s acquisition of Summit Steel and Manufacturing, Inc. and Fairlawn Tool and their respective affiliates (“Summit Steel Fabricating Group”). Summit Steel Fabricating Group is an ISO-Certified manufacturer that serves as a partner for customers seeking process engineering, precision machining, fabrication, powder coating, kitting and assembly services.
Summit Steel Fabricating Group was founded in 1992, originally with three employees and a single manufacturing opportunity. The company has expanded its range of capacity and capabilities over time, and now has approximately 130 employees and operates two facilities, the first in Reading, Pennsylvania and the second in Westminster, Maryland.
“Integrated capabilities, quality products and timely production have allowed the company to build and maintain a diverse and loyal customer base,” stated Ironwood Capital Partner Alex Levental. “Summit is well positioned to benefit from increasing demand for domestic manufacturing which provides a significant opportunity for organic growth with new and existing customers. Additionally, the company will pursue an acquisition strategy to diversify the service offering and scale the business.”
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 Summit Steel Fabricating Group
Summit provides start-to-finish manufacturing solutions, including process engineering, precision machining, fabrication, powder coating, and assembly for high tolerance applications. The company’s customers include highly tenured enterprise customers across the aerospace & defense, agriculture, power generation, food processing, automotive, and other end markets. For more information, please visit: summitsteelinc.com and fairlawntool.com.
Media Contacts
Carolyn C. Galiette
Partner, President and
Chief Investment Officer
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
craig@ironwoodcap.com
