December 7, 2018

Ironwood's Vt. producer expands into Mass.

Photo | Contributed
Photo | Contributed
Ironwood Capital President/Chief Investment Officer Carolyn Galiette.

A Vermont sheet-metal fabricator in which a stake was acquired a year ago by Avon small-business financier Ironwood Capital says it has acquired a Massachusetts manufacturer.

Ironwood announced Thursday that NSA Industries, of St. Johnsbury, Vt., acquired Metal Tronics, a Georgetown, Mass., provider of precision metal fabrication and computer-numerically-controlled (CNC) machining solutions -- capabilities similar to NSA's but serving different customers and markets.

Financial or other terms were not disclosed.

In Nov. 2017, Ironwood purchased debt and a minority stake in NSA and Ironwood President Carolyn Galiette said the intent then was to continue NSA's expansion and diversification via organic growth and acquisitions.

Launched in 1990, Ironwood's business model is providing growth capital in $8 million to $20 million chunks to relatively small, privately held businesses in the form of mezzanine financing -- a cross between debt and equity.

Founded in 1982, NSA has more than 400 employees and operates five manufacturing facilities in Massachusetts, New Hampshire and Vermont.

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