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09/09/2015 | Announcement
Ironwood Capital Announces Senior Level Promotions

AVON, CONNECTICUT, September 9, 2015 – Ironwood Capital is pleased to announce today three senior level promotions:

  • Marc A. Reich is named chairman and chief executive officer,
  • Carolyn C. Galiette is named president and will continue as chief investment officer, and
  • Victor R. Budnick is named senior managing director.

Reich has led the firm as president since its inception in 1986 as the investment banking subsidiary of Aetna Life & Casualty, through its acquisition from Aetna by Reich, Galiette and others in 1990, and its transition from investment banking to investment management in 2001.  In his new role Reich will focus primarily on overall firm management, strategic direction and initiatives, investor relations and capital-raising. The title changes and modification of responsibilities for Reich and Galiette are part of Ironwood’s long-standing succession plan.

Galiette’s assumption of the title of president is in recognition of her expanded leadership responsibilities within the firm.  She will continue to chair the firm’s various investment committees and serve as chief investment officer.  Galiette has overall responsibility for the entire investment origination process and the investment operations function.  She joined the firm in 1988 and had served as senior managing director since 2001.

Budnick, who joined Ironwood Capital in 2006, has primary responsibility for Ironwood Capital Connecticut, a pool of insurance company capital invested in businesses located in Connecticut with investments made across the entire capital spectrum from senior debt in mature companies to common stock in pre-revenue companies.  Prior to joining Ironwood Capital as managing director, Budnick was the president and executive director of Connecticut Innovations, the State of Connecticut’s investor in emerging technology companies.

“These promotions recognize the significant contributions and strengths of our senior leadership team as well as the need to maintain a continuous transition to the next generation of leadership.  Ironwood Capital will be celebrating its 30th anniversary next year and we want to ensure we have the right team, culture and strategy in place to succeed over the next 30 years,” stated Reich.

About Ironwood Capital

With over $500 million of institutional capital under management, Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. The firm takes a simple, straightforward approach in providing profitable, well-managed companies with growth and transition capital coupled with strategic, operational and financial guidance. With over 25 years of middle market experience, 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. For more information, please visit www.ironwoodcap.com.