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Advantage Capital & Ironwood invest in New England Linen
07
Jul '11
Advantage Capital Partners, a leading venture capital and small business finance firm, in partnership with Ironwood Capital, an Avon-based investment management firm, have provided up to $7.1 million in financing to New England Linen Supply Company, a leading supplier of uniforms, linen and textile products to institutional food service facilities and better restaurants. The financing will enable the company to maintain 72 employees at its New Haven operating facility and position the company for potential growth in Connecticut.

New England Linen Supply Company, Inc. offers the rental and sale of employee uniforms, table linen, napkins and other textiles products to the foodservice industry. The company is headquartered in and operates from New Haven, as well as from an affiliated company in New Jersey, and serves customers from the Boston metropolitan area to greater Philadelphia.

Advantage Capital and Ironwood Capital made the investment in New England Linen Supply through Advantage Capital Connecticut Partners I, a fund focused on Connecticut businesses and created in connection with the Connecticut jobs statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state's economy.

“We are delighted to partner with Advantage Capital and Ironwood Capital,” said Michael Vicchairelli, CEO of New England Linen Supply Company. “This financing demonstrates their commitment to invest in solid businesses located in neighborhoods that need jobs. This investment ensures that our business remains and grows in New Haven.”

“New England Linen Supply is a well-established company with experienced management and workforce. We are pleased to provide needed funding to sustain current operations and jobs and build a platform for future growth in Connecticut,” said Marc Reich , President at Ironwood Capital. “Our investment in this company would not have been possible without the Insurance Reinvestment Fund Program, which is administered by the Department of Economic and Community Development.”

“The purpose of the Insurance Reinvestment Fund Program is to stimulate economic development by providing a source of capital that supports job creation and retention, while also enhancing the investment climate in our state,” said Governor Dannel P. Malloy. “I am committed to creating jobs in Connecticut and this financing for New England Linen Supply Company is most certainly a welcome step in the right direction.”

Advantage Capital Partners

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