Avon's Ironwood sells stake in Pa. producer

BY Gregory Seay

Photo | Contributed
Photo | Contributed
Ironwood Capital Chairman and CEO Marc A. Reich meeting with interns.
Avon private equity investor Ironwood Capital has sold its stake in a suburban Philadelphia maker of fiber-optic cable components.

Ironwood did not disclose Wednesday its percentage stake acquired in 2012 in Fiber-Line, based in Hatfield, Pa., nor the 32-year-old company's sale price to Ohio-based PolyOne Corp., which makes specialty polymers.

With the sale, Ironwood says 50 companies remain in its investment portfolio.

Fiber-Line operates five plants in North America, Europe and Asia, FIBER-LINE provides material science and polymer formulation expertise to engineer specified performance characteristics for fiber.

Ironwood's model is investing $8 million to $20 million to acquire subordinated debt and/or preferred stock in middle market companies. Ironwood says it has invested over $750 million in more than 130 companies during the past 17 years.