IRONWOOD CAPITAL ADVISORS LLC

Thesis

Ironwood Capital is a private equity firm founded in 1986 and headquartered in Avon, Connecticut. They focus on providing non-control growth capital to middle-market companies across the United States, targeting revenues between $20 million and $250 million and EBITDA between $4 million and $25 million. While not strictly sector-focused, they concentrate on industries like Aerospace & Defense, Business Services, Environmental Services, Healthcare, Manufacturing, Transportation & Logistics, Facilities Services, Medtech, Providers, and Wellness. They seek to partner with companies exhibiting stable cash flow, strong growth prospects, proven management teams, competitive differentiation, and industry tailwinds. Fund V, closed in 2022, raised $516 million. As of December 31, 2021, Ironwood Capital Advisors III LLC reported AUM of $786,148,839. Ironwood Investment Management reported $152 million in discretionary AUM as of May 2026. Ironwood Capital Management manages over $8 billion in assets. Typical investments range from $10 million to $50 million, with specific ranges for subordinated debt and minority equity between $10 million to $40 million, and sometimes $8 million to $25 million. Rohner Finishing Systems had a buyout/LBO on September 1, 2025.

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