July 04--Ironwood Capital, an Avon-based private equity fund that only does Connecticut deals, announced it has successfully exited an investment it did in 2011 for a local manufacturer.
Numet Machining Technologies, an aerospace parts manufacturer in Orange, needed more capital to move to a new facility and expand its workforce. Kidd & Company, another private investment firm in Connecticut, Advantage Capital, Spring Capital Partners and Ironwood Capital all provided financing to the firm.
Now, Numet has been able to borrow from a bank to repay these investors.
Mark Roscio, co-founder and CEO of Numet, said that Ironwood and the others' "financial backing, combined with flexible structuring, was instrumental in supporting critical investments in our facilities, equipment and people in order to strengthen our company."
The announcement from Ironwood did not say how many workers Numet has, or how many it was able to add as a result of the deal. No further information was available Thursday. Ironwood also didn't say how large the financing project was, but its deals tend to be between $5 and $20 million, officials said.
Numet now is selling more complex parts and assemblies as a result of the capital infusion, the companies said.
Numet is a Tier 1 supplier to Pratt & Whitney and GE Aviation, and also does commercial and military overhaul work.