AVON, CONNECTICUT, May 22, 2019 – Ironwood Capital is pleased to announce an investment of subordinated debt and equity in Libra Industries (“Libra”). Libra, based in Mentor, Ohio, is a contract manufacturer of engineered printed circuit board assemblies (“PCBA”), electromechanical assemblies and electronic control solutions.
“It’s a great fit. The core competencies of Libra are complementary to the sponsor’s existing portfolio company, GEMCITY Engineering and Manufacturing,“ stated Alex Levental, managing director, Ironwood Capital. “This purchase will create strong, synergistic opportunities between the two contract manufacturers going forward.”
“We’re excited to have Ironwood Capital as an investor,” noted Libra founder and CEO, Rod Howell. “This funding allows us to develop the infrastructure, systems, operational best practices and management expertise to pursue large product programs for major OEMs and build the foundation to support accelerated sales growth.”
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 130 companies over the past 17 years. Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $8 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit www.ironwoodcap.com.
About Libra Industries
Libra Industries is a leading provider of integrated Electronic Manufacturing Services (EMS), serving OEMs with complex or technologically sophisticated manufacturing requirements in a broad range of industries including industrial automation, medical, military and aerospace, instrumentation and LED lighting. Four world-class manufacturing facilities allow Libra Industries to provide customers with manufacturing flexibility including complete system build, module and subassembly production, as well as simple to complex PC board assembly. For more information, please visit www.libraindustries.com.
About GEMCITY Engineering and Manufacturing
GEMCITY Engineering and Manufacturing, headquartered in Dayton, Ohio, is a contract manufacturer of advanced automated equipment, complex assemblies and robotics and serves a diverse customer base across the Defense, Medical, Semi-conductor and Telecommunications sectors. Core competencies utilize the latest lean principles in design and manufacturing processes. For more information, please visit www.gemcity.com.
Carolyn C. Galiette
President and Chief Investment Officer
Director of Marketing and Communications