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Ironwood Capital Portfolio Company H3 Manufacturing Group Acquires RFR Metal Fabrication

Ironwood Capital Portfolio Company H3 Manufacturing Group Acquires RFR Metal Fabrication

Ironwood Capital Portfolio Company H3 Manufacturing Group Expands into the Southeastern US via Acquisition of RFR Metal Fabrication

AVON, CONNECTICUT – JUNE 3, 2025 – Ironwood Capital is pleased to announce that its portfolio company, H3 Manufacturing Group, LLC (“H3”) has acquired RFR Metal Fabrication (“RFR”), an Oxford, NC-based contract metal manufacturer.

 

Headquartered in Champaign, IL, H3 is a broad-based manufacturing solutions provider of precision machining, laser cutting, sheet metal fabrication, complex welding, assembly, surface finishing, painting, and powder coating. Operating out of three facilities in Illinois totaling 165,000 square feet, the Company serves regulated, high-spec markets including medical devices, energy generation, electrical power grid infrastructure, aerospace and defense, among other industries.

 

RFR’s capabilities span metal fabrication, MIG / TIG & robot welding, powder coating, and automated busbar fabrication. RFR operates out of one 60,000 square foot facility in Oxford, NC, and primarily serves the power distribution, power quality and data center end markets. Steve Hillard, CEO of H3, stated, “RFR has maintained a strong commitment to quality and customer satisfaction over its 25-year history, and we are honored to carry forward their legacy of excellence and deep customer relationships. We are also thrilled to welcome Alex Williams, the current manager of RFR, to the H3 family and are excited that he will continue to lead this business going forward.” 

“The acquisition of RFR is consistent with our investment thesis of expanding manufacturing capabilities and customer base as well as expanding H3’s geographic reach,” stated Ironwood Capital Partner, Paul Witinski. “We are pleased to continue supporting H3 alongside Rock Gate and the management team, and we look forward to helping both H3 and RFR work together to better serve their respective customers.”

About H3 Manufacturing Group

Headquartered in Champaign, IL, H3 is a provider of multi-operation metal contract manufacturing and precision machining services to customers involved in, power generation, healthcare, aerospace and defense, electrical distribution, life sciences, and other industries. H3’s service offering focuses on partnering with customers to provide integrated manufacturing solutions. For additional information, please visit: h3mfggroup.com.

About Rock Gate Partners

Rock Gate Partners is a private investment firm that invests in growing, lower middle market companies that have created unique market positions resulting in mind share leadership. Rock Gate’s investments support management teams with leveraged buyouts, recapitalizations and growth financings in companies typically generating $3 to $12 million in EBITDA. RGP was founded in 2006 in Chicago, Illinois. For more information, please visit rockgatepartners.com.

About Ironwood Capital

Over 20 Years of Middle Market Investing

Ironwood Capital provides non-control junior 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 $50 million. Ironwood’s investments support business owners and financial sponsors in growth financings, recapitalizations, generational transitions and buyouts. For more information, please visit: ironwoodcap.com.

Media Contacts

Carolyn C. Galiette

Partner, Chairman, CIO

galiette@ironwoodcap.com 



Kimberly A. Craig

Vice President

Operations, Compliance & Investor Relations

craig@ironwoodcap.com

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