Who We Are

History Ironwood Capital is a Connecticut-based firm that provides non-control growth capital to middle market companies. Its -oriented, national platform has invested more than $900 million in over 95 companies since 2001. Ironwood currently invests in the form of subordinated debt and minority equity in amounts ranging from $8 million to $25 million to support business owners and financial 1986 sponsors in growth financings, full and partial recapitalizations, generational transitions and . Founding partner establishes subsidiary of Aetna Strategy & Approach Life & Casualty. Firm focuses on and Philosophy We are non-control who think like owners. We seek to promote develops thought leadership in the responsible, sustainable growth and profit and, if desired by ownership, will emerging market for non-mortgage also work to position the company for additional growth capital or sale. asset-backed securities. Partnership As a value-added , we seek to partner with companies that will 1990 benefit from our extensive array of experiences and resources and Partners purchase the business from collaborate with management to achieve their growth objectives. Aetna and establish Ironwood Capital. Leadership In many of our deals, we are the first , partnering with family- and entrepreneur-owned businesses. We seek to simplify the 1994 process of raising capital and are willing to take a leadership role in Firm establishes its Bank Corporate positioning a company with future capital providers. Finance practice, which raises junior Patience We take a long term approach to value creation, targeting a typical holding capital for middle market companies, period of five years, but which can be up to seven years, allowing portfolio and its Fund Services practice, companies sufficient time to execute on their objectives. which provides formation advice and capital raising for small funds. Flexibility We are a flexible source of capital in multiple situations including recapitalizations, refinancings, management led buyouts, growth and 2000 acquisition opportunities. Firm transitions from investment banking to investment management. Advice We believe that active investor participation is important to successful decision making. We frequently take board seats and provide our insight 2001 and resources as appropriate to our management teams. Ironwood Mezzanine Fund We seek to invest half of our capital in businesses owned or managed by begins investing. Impact women and minorities, businesses located in low- and moderate-income 2004 communities and businesses that pursue environmentally responsible Ironwood Equity Fund outcomes. All investments are underwritten and priced consistent with all begins investing. other Ironwood investments. 2007 Experience Ironwood Mezzanine Fund II begins investing. Seasoned Team We are a cohesive management team that has worked together more than 20 years, completing over 90 investments together. 2010 Ironwood Capital Connecticut is Expertise Industry experience and extensive financial and operational relationships established to originate and manage maximize value for our investment partners. a pool of investments in Connecticut- Industry Our professionals have deep experience across a broad array of industries based businesses. Knowledge which complements the firm’s strategy of generalist investing. We have completed investments in many industry areas, with a focus on: 2012 Ironwood Mezzanine Fund III and Environmental Services Clean Technology III-A begin investing. Information Technology Aerospace Manufacturing Business Services Precision Manufacturing 2017 Specialty Distribution Healthcare and Wellness Ironwood Mezzanine Fund IV, IV-A Logistics Education and IV-B begin investing. Energy Services Data Infrastructure

45 Nod Road • Avon, Connecticut 06001 7/19/21 (860) 409-2100 • www.ironwoodcap.com

Contacts Ironwood Capital Marc Reich Partner Ironwood Capital is currently investing out of its fourth group of mezzanine funds. As a generalist Chairman investor, our portfolio reflects the diverse interests and expertise of our professionals, as well as the [email protected] many channels through which we gain access to quality investment opportunities. We choose to (860) 409-2101 pursue opportunities where, in concert with company management and other investing partners,

Carolyn Galiette we can achieve the best possible outcomes for our portfolio companies and our investors. Partner, President Chief Investment Officer Characteristics of Our Targeted Portfolio Companies [email protected] REVENUES: $20 million to $250 million (860) 409-2105 EBITDA: $4 million to $15 million, with margins of 10% or better Roger Roche MANAGEMENT TEAMS: Proven management teams with a significant equity stake Partner COMPETITIVE ADVANTAGES: Growing market share with sustainable margins [email protected] : Adequate liquidity, capitalized for growth (860) 409-2129 STABILITY: Three years of positive EBITDA with strong forward visibility CASH FLOW DIVERSIFICATION: By customer, product line and channel Jim Barra Partner Chief Operating Officer Representative Transactions [email protected] (860) 409-2113 Leading provider of solid waste management Acquisitions and Growth Dickson Suit services Financing

Partner [email protected] Independent peanut processing company (860) 409-2128 offering blanching and roasting services

Alex Levental Provider of medical waste collection and Buyout Partner disposal services [email protected] (860) 409-2109 Designer and manufacturer of paperboard and Partial Recap and plastic folding cartons Partner Buyout

Largest manufacturer of composite fiberglass Refinancing truck bodies in the nation

Developer, manufacturer and marketer of Buyout high-tech fiber products

Security alarm company specializing in the Growth Financing management of security alarm contracts

Solid waste management and recycling Partial Recap company specializing in residential, commercial and industrial solid waste collection, hauling and landfill management

Third-party logistics provider of container Buyout freight station services

Specialist in railcar cleaning and waste management services

Leading manufacturer of precision Acquisition Financing / formed metal parts for the U.S. Owner Recap aerospace industry

Every deal starts with a conversation. Give us a call.

45 Nod Road • Avon, Connecticut 06001 7/19/21 (860) 409-2100 • www.ironwoodcap.com