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AVON, CONNECTICUT – JANUARY 31, 2023 – Ironwood Capital is pleased to announce that Summit Steel Fabricating Group (“Summit”) has acquired Laser Specialties, Inc. (“LSI”). Summit is backed by Lorraine Capital, LLC, a Buffalo, New York private equity firm, in partnership with Ironwood Capital.
Founded in 1993 and headquartered in Tulsa, Oklahoma, LSI is a full-service custom and contract metal manufacturing company with clients across an array of industries including OEMs, military products, environmental, energy, construction, transportation, and agriculture.
“We are excited to be joining the Summit team, and I see a bright future for our customers and people with Summit and Lorraine as strategic partners. LSI has a loyal, diverse and expanding client base and looks forward to providing them with a broader service offering. Summit was the ideal partner for us because, with their support, we’ll be accelerating investments in new equipment, manufacturing automation, and adding new team members. It will also provide expanded opportunities for our existing LSI team members as their careers progress given the larger Summit platform,” said Jim Clark, CEO of LSI and Summit shareholder.
“We have a strategic vision at Summit to increase not only our capacity, but our capabilities to serve our expanding group of regional and national clients,” said Gary Romig, CEO of Summit. “Welcoming LSI into our growing company positions us very well to support the increasing demand for our services, given the team, capabilities and geographic diversity they provide. Jim’s ongoing leadership, expertise and integrity, having now joined us as a new partner in our combined enterprise along with his team, makes us an even stronger, more scalable company.”
“The acquisition of LSI allows Summit to better serve existing and potential customers by expanding its manufacturing capabilities and extending geographic reach, a key growth strategy for the company,” stated Alex Levental, Partner at Ironwood Capital. “We are excited to support Summit in this next phase of growth.”
About Ironwood Capital
Over 20 Years of Middle Market Investing
Ironwood Capital provides non-control growth capital to middle market companies across the U.S. The Firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $30 million. Ironwood’s investments support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions, and buyouts. For more information, please visit: ironwoodcap.com
About Summit Steel Fabricating Group
Summit is an ISO-9001 certified manufacturing company that provides start-to-finish manufacturing solutions, including process engineering, precision machining, fabrication, powder coating, and assembly for high tolerance applications. The company’s customers include highly tenured enterprise customers across the aerospace & defense, agriculture, power generation, food processing, automotive, and other end markets. For more information, please visit: summitsteelinc.com, fairlawntool.com and laserspecialties.com.
Media Contacts
Carolyn C. Galiette
Partner, President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125
craig@ironwoodcap.com
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