Saugatuck provided equity capital through the firm’s ninth fund, Saugatuck Capital Company IX LLC which, along with management, owns a majority interest in the company. Ironwood Capital provided mezzanine financing as well as an equity investment. First Niagara Bank provided the senior debt financing.
Pharmaceutic Litho & Label Company is a maker of labels, inserts & outserts, booklets, and manuals used in the pharmaceutical, biotech, and medical device industries. The company was founded in 1964 and is based near Los Angeles in Simi Valley, CA (www.pharmaceuticlitho.com).
Saugatuck Capital invests in leveraged recapitalizations, buyouts, and growth equity investments in the lower middle-market. Saugatuck seeks companies with revenues of $15 million to $125 million in fragmented service and manufacturing industries. The firm was founded in 1982 and is based in Wilton, CT (www.saugatuckcapital.com).
Ironwood Capital invests from $5 million to $20 million in subordinated debt and preferred stock to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. Target investments will have revenues from $20 million to $200 million and EBITDA from $3 million to $15 million, with margins of approximately 10% or better. The firm is industry agnostic but has specializations in recurring revenue business service models, environmental services and precision manufacturing. The firm was formed in 1986 as a subsidiary of Aetna but was acquired from Aetna in 1991, at which time it adopted the Ironwood Capital name. The firm has more than $500 million in capital under management and is headquartered in Avon, CT (www.ironwoodcap.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-20-14