Ironwood Capital, an Avon, Conn.-based private equity firm, announced June 5 it is investing in the subordinated debt of BrandFX Body Co., a manufacturer of advanced composite truck bodies, inserts, toppers and covers.
The Fort Worth, Texas-based molder primarily serves companies with service fleets for the power and telephone industries.
"BrandFX currently serves 200-plus U.S. and Canadian customers, including many blue-chip names," Carolyn Galiette, president and chief investment officer at Ironwood Capital, said in a news release. "Composite bodies exhibit a clearly superior value proposition to steel and aluminum competitors, especially for customers focused on total cost of ownership for their vehicles."
Ironwood Capital focuses on mezzanine finance, investing primarily in the form of subordinated debt or preferred stock in middle market companies and allowing management or existing shareholders to retain day-to-day control of the businesses.
"There are compelling positives with an investment in BrandFX, including strong market position, clear product value proposition, experienced management and growing product demand as the truck body market is projected to continue growing at 4 percent annually, benefiting manufacturers like BrandFX," Alex Levental, managing director at Ironwood Capital, said in a statement.
"We are excited about participating in the continued growth of BrandFX," he said.
In 2013, BrandFX was purchased for an undisclosed amount by Stonebridge Partners LLC, a private investment firm in White Plains, N.Y.