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01/20/2017 | Announcement
Ironwood Capital Connecticut Announces Additional Investment in Merrill Industries

AVON, CONNECTICUT, January 20, 2017 – Ironwood Capital Connecticut (“ICC”), a unit of Ironwood Capital, is pleased to announce a subordinated debt and equity recapitalization of Merrill Industries. Merrill is based in Ellington, Connecticut and designs and manufactures customized packaging products for a wide range of clients. This and a prior investment in Merrill were made through funds managed by ICC.

“Since 2012 we have worked with management to increase capacity and expand the company’s customer base,” noted Ironwood Capital managing director Alex Levental. “Merrill’s commitment to quality and excellent customer service has led to increased demand from existing customers and attracted new clients, resulting in continual topline growth and EBITDA expansion.”

“This additional investment is recognition of Merrill’s hard work, client commitment and potential for continued growth,” commented Al Gardner, CEO of Merrill.

The investment of both subordinated debt and preferred equity was made to facilitate a majority recapitalization of the business led by existing shareholder Tim Ryan of the Shoreham Group. Ironwood Capital customized a financial solution that met the needs of the company as well as other investors and lenders. “Ironwood Capital has provided valued business advice and strategic guidance over the past four years. I look forward to building our relationship as we position Merrill as a leading regional designer and manufacturer of customized packaging products,” said Ryan.

About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Ironwood Capital has invested, through its various partnerships, more than $600 million in over 100 companies across the United States, including $143.5 million in 44 Connecticut-based companies. Ironwood Capital Connecticut works exclusively with Connecticut-based companies seeking capital across the entire financing spectrum from equity through senior debt. Likewise, it seeks companies at every lifecycle stage from start-ups to mature companies. For more information, please visit: www.ironwoodcap.com

About Merrill Industries
Merrill Industries has been in the packaging business for over forty-three years. It specializes in quality packaging for customers in a variety of industries. The company focuses primarily on the design and manufacture of containers from corrugated sheets and continues to provide other packaging services. For more information, go to: www.merrillind.com

Carolyn C. Galiette
President and
Chief Investment Officer
(860) 409-2105

Kathy Butler
Marketing and Communications
(860) 409-2117