Avon, Connecticut-based Ironwood Capital announced June 5 a subordinated debt investment in BrandFX Body Co., the largest manufacturer of composite fiberglass truck bodies in the nation, primarily serving the power and telephone industries, with headquarters in Fort Worth.
"BrandFX currently serves 200-plus U.S. and Canadian customers, including many blue chip names," Ironwood Capital President and Chief Investment Officer Carolyn Galiette said in the announcement. "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 is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 130 companies over the past 17 years.
Founded in 1984, BrandFX has grown to become the world's largest producer of advanced composite service bodies, line bodies, inserts, toppers and covers. The company has 286 employees with additional facilities in Iowa, Minnesota, Indiana and Georgia. BrandFX manufactures all truck bodies in the U.S.
"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,” Ironwood Managing Director Alex Levental said in the release.
BrandFX Body Co. website