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12/21/2022 | Announcement
Ironwood Capital Exits Portfolio Company Cox Transportation Services
AVON, CONNECTICUT – December 21, 2022 - Ironwood Capital is pleased to announce that it has exited its investment in Cox Transportation Services (“Cox” or the “Company”). Headquartered in Ashland, Virginia, Cox is a transportation service provider of dry van truckload freight, primarily long-haul, utilizing both company-owned assets and in-house brokerage services.
Ironwood provided debt and equity investments alongside Tecum Capital to support the acquisition of the Company by Expedition Capital Partners in partnership with management in July 2020. Cox completed a significant acquisition in December 2022 that resulted in a recapitalization and full exit for Ironwood.
“During the course of our investment, the Company executed on its strategic growth plan by adding assets to support growth, as well as successfully expanding its brokerage operations across the market,” stated Dickson Suit, Ironwood Capital Partner. “We wish Expedition Capital Partners and the management team at Cox the best as they continue with the next stage of growth.”
Paul Witinski, managing director of Ironwood Capital stated, “Cox’s scale, long-standing customer relationships, and demonstrated steady financial performance provide a stable, reliable platform for growth. Transportation and Logistics is a core vertical for Ironwood, and we have been very pleased with the collaborative and value-add approach that management and the investors have brought to Cox since our initial investment.”
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 Cox Transportation Services
Cox Transportation Services is a leading provider of truckload freight hauling and brokerage services to customers in diverse industries across the United States. For more information, please visit: truckingforamerica.com