Advantage Capital Partners and Ironwood Capital have made a mezzanine debt investment in C&M Technologies Group, a portfolio company of Watermill Group.
C&M, acquired by Watermill Group in April 2008, is a manufacturer of bulk cable, coil cords, and cable assemblies (both molded and mechanical) that are used in the industrial, multi‐media, renewable energy, military, medical, data collection, and datacom/telecom markets. C&M has manufacturing facilities in the US, Mexico, and China and is headquartered east of Hartford in Wauregan, CT (www.cmcorporation.com).
The investment in C&M was made through Advantage Capital Connecticut Partners I, LP (“the Fund”), which is co-managed by Advantage Capital and Ironwood Capital Connecticut. The Fund is focused exclusively on investments in Connecticut businesses and was created in connection with the Connecticut jobs statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state’s economy.
“We are investing in C&M Technologies Group to support the company’s ability to continue to build its business,” said Victor Budnick, managing partner, Ironwood Capital Connecticut. “C&M is already an industry leader in design and manufacture of cable products. We’re pleased to support continued development of this outstanding Connecticut company.”
“This funding comes at a perfect time for C&M as we continue to execute on our strategy of creating a high performance work culture, adding additional operational capabilities and infrastructure. This support enables C&M to continue to offer custom engineered cable solutions at the highest levels of service to our customers,” said John Laskowsky, CEO of C&M Technologies. “We are excited to work with Advantage and Ironwood, firms as committed to the Connecticut economy as we are.”
Advantage Capital Partners provides equity and debt financing to established and emerging companies. The firm was founded by Steven Stull in 1992 and has invested more than $1.9 billion in companies operating in an array of industry sectors including manufacturing, technology and business services. Advantage Capital has offices in New Orleans, St. Louis, New York, Austin, Chicago, Incline Village, Napa, Washington, DC and Winter Park (www.advantagecap.com).
Ironwood Capital makes mezzanine and equity investments of $5 million to $20 million in companies with revenues of $20 million to $200 million and EBITDAs of $3 million to $15 million. The firm is generally industry agnostic but has experience in recurring revenue business service models, environmental services and precision manufacturing. The firm has $500 million of capital under management and is headquartered in Avon, CT (www.ironwoodcap.com).
2014 PEPD • Private Equity’s Leading News Magazine • 11-21-14