Ironwood Capital seals rapid exit of BrandFX Body Company after just a year in portfolio

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Equity and debt specialist Ironwood Capital has already agreed to exit last year’s investment in specialist truck body manufacturer BrandFX Body Company.

BrandFX is the largest manufacturer of composite fiberglass vehicle bodies in the US, primarily serving the power and telephone industries.

The firm made a subordinated debt investment in BrandFX in June last year, with managing director Alex Leventhal noting at the time the company’s “strong market position, clear product value proposition, experienced management and growing product demand”

Ironwood will sell the business to trade buyer Time Manufacturing Holdings.

Leventhal said, “BrandFX management built a strong business and attractive acquisition target, creating an industry innovator and leader.

“Time Manufacturing is a great fit with the BrandFX business. We look forward to watching the new company grow and wish them well.”

Connecticut-based Ironwood provides non-control growth capital to middle market companies, and has invested more than $750m in over 130 companies over the past 18 years.

Last year the firm beat the target for its Ironwood Mezzanine Fund IV raise by pulling in more than $400m.

That fund has been continuing Ironwood’s strategy of investing in subordinated debt and equity in buyouts, growth investments, full and partial recapitalisations, generational transitions and other in support of business owners and sponsors.

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