04/25/2022 | Announcement
Ironwood Capital Announces Subordinated Debt and Equity Investments in Hickory
AVON, CONNECTICUT, April 25, 2022 – Ironwood Capital is pleased to announce subordinated debt and equity investments in Hickory Holdings, LLC (“Hickory” or the “Company”), located in Granite Falls, North Carolina and Danville, Virginia. Hickory is the combination of outdoor buildings distributor Sheds Direct and manufacturer Homestead Buildings.
Ironwood provided junior capital investments in support of AHR Growth Partners’ recapitalization of Hickory alongside Sheds Direct’s Founder and CEO, A.J. Kirby.
The combined Company is a vertically integrated manufacturer, distributor, and retailer of a variety of outdoor storage buildings including sheds, cottages, barns, chicken coops and playhouses. Hickory predominately serves North Carolina, Virginia, West Virginia, and Ohio as well as Indiana, Pennsylvania, Michigan, and New York through an exclusive network of 70+ dealers.
Ironwood Capital Partner Alex Levental stated, “The vertical integration of Homestead’s manufacturing capabilities enables Sheds Direct to satisfy existing demand, which has historically been a limiting factor for growth. The Company’s replicable manufacturing process and integrated dealer model provide opportunities to expand both within and outside its existing geographic footprint, further supporting a path for growth.”
About Ironwood Capital Celebrating 20 Years of Middle Market Investing
Ironwood Capital provides non-control growth capital to middle market companies across the U.S. The Firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $30 million. Ironwood’s investments support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts.
For more information, please visit: ironwoodcap.com
About Hickory Hickory is a vertically integrated producer, value-added distributor and retailer of outdoor storage buildings predominately serving North Carolina, Virginia, West Virginia, and Ohio as well as Indiana, Pennsylvania, Michigan, and New York through an exclusive network of 70+ dealers.
For more information, please visit: shedsdirectinc.com and homesteadshedsusa.com.
Media Contacts
Carolyn C. Galiette Partner,
President
and Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125
craig@ironwoodcap.com
