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AVON, CONNECTICUT – SEPTEMBER 19, 2023 – Ironwood Capital Connecticut is pleased to announce an exit from its investment in Merrill Industries (“Merrill” or the “Company”). Based in Ellington, Connecticut, Merrill manufactures and sells high-quality corrugated and solid fiber packaging solutions, and re-sells packaging filler materials such as foam and plastic inserts. Merrill’s customer base consists of businesses operating in various industries throughout Southern New England.
“Over the course of our investment, Ironwood Capital Connecticut supported the company in expanding its sales team, which led to expanded geographic footprint and implementing lean manufacturing and other process improvement initiatives to increase efficiency. The successful execution of these initiatives gave the independent sponsor, Shoreham Group, the opportunity to provide an exit for Ironwood through a recapitalization,” stated Alex Levental, Partner at Ironwood Capital. “The company is well positioned for its next phase of growth supported by a capable management team and stable industry outlook."
About Merrill Industries
Merrill Industries, headquartered in Ellington, Connecticut, has been in the packaging business for over forty 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, please visit: merrillindustries.com.
About Ironwood Capital Connecticut
Ironwood Capital Connecticut (“ICC”) was established by Ironwood Capital in 2010 to foster business growth and formation, promote economic opportunity and create and retain jobs in Connecticut through the InvestCT program. ICC co-manages funds that provide equity, mezzanine and senior debt investments in amounts ranging from $1 million to $5 million. Ironwood Capital 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 $40 million. Ironwood’s investments support business owners and financial sponsors in growth financings, recapitalizations, generational transitions and buyouts located throughout the United States. For more information, please visit: ironwoodcap.com.
Media Contacts
Carolyn C. Galiette
Partner, President, CIO
(860) 409-2105
[email protected]
Kimberly A. Craig
Vice President
Operations, Compliance & Investor Relations
(860) 409-2125
[email protected]
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