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01/20/2016 | Announcement
Ironwood Capital Announces Exit of Investment in Katahdin Industries Through an Acquisition of Boyd Coatings Research Co. Inc.

AVON, CONNECTICUT, January 20, 2016 – Ironwood Capital is pleased to announce an exit from its investment in Katahdin Industries, an innovative, high-quality supplier of coating applications and specialized metal-finishing technologies and services. Ironwood invested in Katahdin in 2011 and has seen the company grow continuously through its investment period.

“Over the last four years, Katahdin has successfully diversified its customer base, built a superior management team, streamlined its manufacturing processes and most recently completed a major acquisition of a long-time competitor,” stated Carolyn Galiette, Ironwood Capital president and chief investment officer.

With its acquisition of Boyd Coatings Research Co. Inc., Katahdin plans to position itself as an industry leader in the fluoropolymer coatings application process, providing unique global medical device manufacturing capabilities. Bob DeAngelis, president, explained the benefits of the acquisition, “We will combine and leverage the best practices from each organization to deliver an unmatched level of service and customer focus for current and future customers.”

“This major acquisition gave Katahdin management an opportunity to purchase Ironwood’s minority equity position and refinance our subordinated debt with another value-add partner,” commented Roger Roche, Ironwood Capital senior managing director. “We believe that Ironwood’s financial investment, coupled with our guidance and participation on the board of directors, provided key support during a critical time in the company’s history,” added Alex Levental, Ironwood Capital managing director.

About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Over the past 15 years, it has invested, through its various partnerships, approximately $600 million in over 100 companies. It takes a straightforward approach in providing profitable, well-managed companies with growth and transition capital coupled with strategic, operational and financial guidance. Ironwood invests in 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. With nearly 30 years of middle market experience, Ironwood Capital seeks to simplify a process that is often unnecessarily wrought with complexity and contention. For more information, please visit www.ironwoodcap.com.

About Katahdin Industries
Katahdin Industries provides high-tolerance coating applications and specialized metal-finishing technology and services to the medical device and industrial markets through platform-focused subsidiaries including DCHN, Sanford Process, Precision Coating, Boyd Coatings Research Co. Inc. and Medi-Solve Coatings. For more information, please visit http://www.katahdin-inc.com.

About Boyd Coatings Research Co. Inc.
Boyd Coatings Research Company applies a wide variety of high-performance coatings, specializing in the medical, industrial and aerospace markets. Besides applying virtually every coating from every manufacturer on the market, Boyd manufactures a line of custom-developed fluoropolymer coatings for specialty applications. For over 50 years, customers have relied on Boyd Coatings Research to provide engineering support, quality, and on-time delivery of high-performance coating systems, along with the development and manufacture of specialty coatings. For more information, please visit www.boydcoatings.com.