Anvil and Ironwood Acquire Air Temp Mechanical

Anvil and Ironwood Acquire Air Temp Mechanical

air temp nf1Anvil Capital and Ironwood Capital have acquired Air Temp Mechanical Services, a full service mechanical contractor.  Anvil Capital was the lead investor and Ironwood, in addition to an equity investment, also provided subordinated debt to the transaction.

Air Temp Mechanical Services specializes in industrial, institutional and commercial buildings.  The company services and maintains large tonnage chillers, variable refrigerant flow air conditioning systems, energy management control systems, industrial boilers and burners.  The company is headquartered southwest of Hartford in Southington, CT (

“Partnering with Ironwood Capital and Anvil Capital will provide Air Temp with resources to continue the company’s organic and acquisition growth plan,” said Jeffrey Leone, the President of Air Temp.

Anvil Capital invests in business services and niche manufacturing companies located in the Northeastern US that have revenues of $5 million to $25 million and EBITDA of $1 million to $3.5 million. Target service companies will have at least a 15% EBITDA margin and niche manufacturing targets will have EBITDA margins of at least a 20%. Typical transactions include generational transitions of family businesses, recapitalizations, industry consolidations, and corporate divestitures. The firm is lead by Ben Giess, Managing Partner and Co-Founder; Bob Fortunato, Partner and Co-Founder; and Marc Fontaine, Operating Partner.  Anvil is headquartered in Boston (

Alex Levental nf3“We are pleased to be able to work with Anvil Capital to provide funding to Air Temp.  The business has an impressive Connecticut customer base and this infusion of capital will create jobs and enable expansion in both existing and new markets,” said Alex Levental, a Managing Director at Ironwood. “Air Temp’s expertise in variable refrigerant flow technology improves HVAC customer energy efficiency up to 30%.  We’re excited to support this kind of green technology.”

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 has more than 20 professionals and is headquartered in Avon, CT (

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