Ironwood Capital has made a subordinated debt investment in Peltram Plumbing, a plumbing service provider based in Seattle, Washington, with a primary focus on the residential construction market. Peltram will use the proceeds from the Ironwood Capital investment to complete its acquisition of Precision Plumbing and Service, LLC, a plumbing services provider based in Charlotte, North Carolina, with a primary focus in the commercial construction market. Peltram is a portfolio company of Crescendo Capital Partners.
“The combined entity will be a bi-coastal plumbing service provider in growing regional markets with end market diversification and complementary cultures. Post-closing integration includes purchasing synergies, unifying systems and sharing best practices. Our investment thesis recognised the growth opportunity due to Peltram’s strong backlog and pipeline, low leverage and deep experience in the construction industry,” says Alex Levental, managing director, Ironwood Capital.