07/01/2022 | Announcement
Ironwood recapitalizes its Investment in Boston Carting Services
AVON, CONNECTICUT, July 1, 2022 – Ironwood Capital is pleased to announce that it has recapitalized its investment in Boston Carting Services (“BCS” or the “Company”), a non-hazardous solid waste company servicing Greater Boston with focus on commercial, residential, and roll-off collection. BCS also operates a Material Recovery Facility in North Andover, MA. Ironwood, in partnership with Jeff Kendall, an industry veteran who served as chairman of the board, provided acquisition and growth capital to the Company in October 2020.
Ironwood has invested in over a dozen companies in the environmental services industry. “Boston is a highly attractive market and Patsy is exactly the kind of entrepreneur that we like to back,” stated Dickson Suit, Ironwood Capital Partner. “He is driven, organized, strategic, level-headed, and has strong command of the marketplace, and because of that, was able to grow BCS significantly in a very short period of time. Ironwood will retain a portion of its investment in the Company as we have great confidence in Patsy.”
“I thoroughly enjoyed working with Patsy,” said Jeff Kendall. “He’s done a terrific job scaling up BCS and has positioned it for exciting growth from here with Clairvest, another well-respected private equity firm with experience in this space.”
“It’s been lots of fun and enjoyable working with Dickson and the Ironwood team and Jeff,” commented Patsy. “They’ve been great partners and I look forward to their continued involvement as board members and investors going forward. I’m also extremely excited to partner with Michael Castellarin, Clairvest Managing Director, on the future of BCS.”
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
Media Contacts
Carolyn C. GaliettePartner,
President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125
craig@ironwoodcap.com
