Ironwood Capital Connecticut exits Air Temp Mechanical Services
Ironwood Capital Connecticut, a unit of Ironwood Capital, has exited from a subordinated debt investment in Air Temp Mechanical Services (Air Temp), made by its co-managed fund.
The fund maintains its warrant position in Air Temp, headquartered in Southington, Connecticut. Air Temp is a full-service mechanical contractor with an emphasis on design build, service, maintenance, controls, retrofits, replacements and energy management systems.
Ironwood Capital Connecticut is focused exclusively on investments in Connecticut businesses and was created in connection with the Connecticut reinvestment statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state's economy.
"We're pleased with the growth story at Air Temp. The business continues to expand its Connecticut customer base and add new jobs," stated Victor Budnick, senior managing director, Ironwood Capital. "In addition, Air Temp's efficient technologies can provide up to a 30 per cent energy savings. We're excited to support a green technology leader."
Noted Alex Levental, Ironwood Capital managing director, says: "The Air Temp team has successfully managed the company's recent growth as well as the integration of Solo Mechanical. Their success made them an attractive candidate to many refinancing partners."
"As our company has grown, Ironwood has been a supportive partner on our team," says Jeffrey Leone, CEO of Air Temp.