Author - Daivik Doshi

Ironbridge Equity Partners completes partnership with Handi Foods Ltd.

(Toronto, September 8, 2022) Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario, is pleased to announce that they, together with management, have acquired a controlling interest in Handi Foods Ltd. (“Handi” or the “Company”).

Handi, based in Toronto, Ontario, is the largest private-label manufacturer of pita snacks in North America. Through its two highly modernized facilities in North York, the Company manufactures and sells a wide variety of savoury and sweet pita-based snacks to leading grocers, mass-merchants, and consumer packaged goods companies across the US and Canada.

“Since entering the snack category, Handi has demonstrated the ability to consistently deliver growth through best-in-class product quality, innovation, and customer service,” said Jeff Murphy, Managing Partner at Ironbridge. “We look forward to working with management to support the Company during its next chapter of growth.”

“This is a major inflection point for Handi Foods. We have a great team that is energized to perform with the added capital and expertise that Ironbridge brings to the table,” said Brian Arbique, CEO of Handi.

KPMG Corporate Finance Inc. served as exclusive financial advisor to Handi.

For more information, contact:
Jeff Murphy
Managing Partner
Ironbridge Equity Partners
(416) 863-0107
www.ironbridgeequity.com

Brian Arbique
CEO
Handi Foods Ltd.
(416) 743-6634
http://handifoods.com

Read more...

Ironbridge Equity Partners completes partnership with Kore Outdoor Inc.

(Montreal, August 9, 2022) Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that they, together with management, have acquired a controlling interest in Kore Outdoor Inc. (“Kore” or the “Company”) from Fulcrum Capital Partners.

Kore, based in Montreal, Quebec, is the leading manufacturer and distributer of paintballs and paintball-related products globally. Through its manufacturing facilities in Montreal and Fort Wayne, and a network of distribution centers across North America and Europe, the Company offers its comprehensive portfolio of products to game fields, specialty retailers, e-commerce, and mass retailers in over 70 countries.

“Kore is the worldwide leader in paintball, with a broad range of well-known and innovative brands,” said Peter Dowse, Managing Partner at Ironbridge. “We are excited to support the Company’s management team as they promote the continued growth of the industry.”

“Ironbridge has a strong track record of enabling and driving businesses like Kore forward,” said Billy Ceranski, CEO of Kore. “We look forward to this strategic partnership, and will collaborate with Ironbridge to drive growth and continue our culture of innovation.”

For more information, contact:
Peter Dowse
Managing Partner
Ironbridge Equity Partners
(416) 863-0106
www.ironbridgeequity.com

Billy Ceranski
CEO
Kore Outdoor Inc.
(954) 834-6244
www.koreoutdoor.com

Read more...

Ironbridge Equity Partners sells Thermogenics

(Toronto – June 8, 2022) Ironbridge Equity Partners (“Ironbridge”) is pleased to announce that it, together with certain other minority investors, has completed the sale of Thermogenics Inc. (“Thermogenics”) to an entity controlled by Audax Private Equity (“Audax”).

The financial terms of the transaction were not disclosed.

Over the course of its investment, Ironbridge supported management’s efforts to expand the Canadian presence of Thermogenics, establish a U.S. footprint via acquisitions and greenfield growth, and improve internal systems and processes.

“We were very pleased to have partnered with Ross and the Thermogenics management team, who did an exceptional job of both driving growth and navigating through unprecedented economic upheaval,” said Jeff Murphy, Managing Partner at Ironbridge. “We wish them continued success in their new partnership with Audax.”

“Ironbridge was a great partner for the Thermogenics team,” said Ross Garland, CEO of Thermogenics. “They combined valuable insight with an appreciation for operational opportunity and challenge as we executed our strategic growth plan. We thank the Ironbridge team for their support and are excited about the next chapter of growth with Audax.”

Thermogenics was the eighth investment in Ironbridge’s second private equity vehicle, Ironbridge Equity Partners II, LP, a fully committed $154 million fund.

About Thermogenics:

Thermogenics is leading North American manufacturer of coil-tube steam, hot-water and thermal fluid boilers used in industrial, commercial, and institutional applications. Thermogenics also provides parts and services to other market participants.

About Ironbridge:

Ironbridge is a Canadian private equity firm whose strategy is to make equity and equity-linked investments in high-quality, mid-market, Canadian private companies. Target industries include consumer and business products and services, manufacturing, and distribution. The operating background of the principals enables Ironbridge to be a high-value partner to management teams as they seek to improve and grow their businesses. Ironbridge’s assets under management are over $700 million, including its fourth private equity fund, Ironbridge Equity Partners IV, LP, a fully committed $383 million fund raised in November 2021.

For more information, contact:
Jeff Murphy
Managing Partner
Ironbridge Equity Partners
(416) 863-0107
www.ironbridgeequity.com

Ross Garland
CEO
Thermogenics Inc.
(905) 727-1901
www.thermogenicsboilers.com

Read more...

GNI Management Group Inc. acquires Moore Insulation Ltd.

(Toronto, March 9, 2022) GNI Management Group Inc. (“GNI”), an Ironbridge portfolio company, is pleased to announce the acquisition of St Catharine’s based Moore Insulation Ltd. (“Moore”), a regional provider of insulation to the Niagara region’s new-build market.

“We’re very pleased to partner with Moore – Niagara was a gap for us, and this acquisition will allow us to tap into that fast-growing market,” said Bill Maginas, CEO of GNI. “As most of Moore’s focus has been on servicing builders, this partnership will give us access to and deep knowledge of the new home market while allowing us to better service the Niagara region’s retrofit segment which has been GNI’s primary focus historically.”

“We are excited to join GNI,” said Phil Moore, President of Moore. “GNI’s purchasing power for raw materials will alleviate some of our recent challenges in securing product. Not only will the move give us access to GNI’s retrofit business, their size and operations throughout Ontario provide additional capacity to serve our customers even better.”

Phil Moore will continue in his role as GNI’s branch manager in the Niagara region.

The acquisition is a key step in GNI’s strategic expansion across Ontario, helping meet its goal of providing best-in-class coverage across the province.

“This eighth location will allow GNI to continue to grow in Ontario,” said Maginas. “We will continue to look for opportunities with companies like Moore as we look to expand throughout Canada and become a national leader in insulation services.”

The Ironbridge team of thirteen investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. Ironbridge has extensive financial and operating experience and works closely with the management of its portfolio companies to enhance value.

For more information, contact:
Jeffrey Murphy
Partner
Ironbridge Equity Partners
(416) 863-0107
ironbridgeequity.com

Bill Maginas
CEO
GNI Management Group Inc.
(416) 557-9682
gni.ca

Read more...

Ironbridge closes oversubscribed Fund IV at C$383 million and announces promotions

(Toronto – November 9, 2021) Ironbridge Equity Partners (“Ironbridge”) today announced that it has completed the first and final closing of its fourth private equity fund, Ironbridge Equity Partners IV, LP (the “Fund” or “Fund IV”). Ironbridge raised C$383 million from investors in Canada, the US, the UK and Continental Europe, and significantly surpassed its target of C$300 million. The Fund represents a 61% increase in capital from its predecessor fund, Ironbridge Equity Partners III, LP (“Fund III”) which had its final closing in April 2016. Substantially oversubscribed, Fund IV closed above its original hard cap of C$325 million and brings Ironbridge’s assets under management to over C$700 million.

Alan Sellery, President and Managing Partner of Ironbridge commented, “We are delighted with the success of this fundraise and the strong support we received from both existing and new investors. The interest in Ironbridge is a testament to the team’s ability to successfully execute the investment strategy that has been pursued since our founding in 2005. We will continue to build market-leading companies in the Canadian middle market and look forward to delivering more outstanding deals for our investors in Fund IV.”

“Ironbridge is also pleased to announce the promotions of Peter Dowse, Jeff Murphy, and Andrew Walton to Managing Partner,” stated Sellery. “These promotions are a recognition of the dedication and significant contributions Peter, Jeff, and Andrew have made to the success of Ironbridge. They each bring a long tenure with the firm, and their leadership and commitment have helped shape it into what Ironbridge is today.” Peter Samson, Managing Partner added, “Ironbridge has grown considerably over the years, enabled by their important efforts. They lead by example and embody Ironbridge’s core values.”

Ironbridge invests in a broad range of industries including manufacturing, distribution, and consumer and business products and services. Ironbridge’s thirteen investment professionals have extensive financial and operating experience and work closely with the management teams of its portfolio companies to enhance value.

Elm Capital acted as the exclusive placement agent for the Fund.

For more information, contact:
Alan Sellery
President and Managing Partner
Ironbridge Equity Partners
(416) 863-0101
www.ironbridgeequity.com

Etienne Deshormes
CEO
Elm Capital Associates Ltd
Elm Capital USA Ltd
+44 20 7901 8941
http://www.elmcapital.com

Read more...