Ironwood Capital Connecticut, a unit of Ironwood Capital, has made a mezzanine debt investment in Turbine Technologies.
Turbine Technologies is an aerospace and industrial gas turbine manufacturing company. The company’s capabilities include electrical discharge machining, wire electric discharge machining, high speed hole and 5 axis milling services. Products include turbine blades, vanes, shrouds, combustion liners, engine cases, and ring segments. Customers include, among others, General Electric, Pratt & Whitney and Lockheed Martin. Turbine Technologies, led by its President and CEO Tyler Burke, is based west of Hartford in Farmington, CT (www.turbinect.com).
“Turbine Technologies has been doing business in Connecticut for over 50 years, and is a great fit for us,” said John Strahley, a Managing Director at Ironwood Capital “They are experts in their field and widely recognized for their highly technical electric discharge machining, high speed hole and 5-axis milling services. As leaders in Connecticut’s aerospace manufacturing industry, the company’s future is bright and we are excited to help the team execute their strategy.”
Ironwood Capital provides non-control growth capital to middle market companies. Investments take the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. Ironwood Capital Connecticut works exclusively with Connecticut-based companies seeking capital from equity through senior debt. Ironwood Capital has more than 20 professionals and is headquartered in Avon, CT (www.ironwoodcap.com).
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