Venture capital firm Advantage Capital Partners, in partnership with Avon-based Ironwood Capital, has invested $7.1 million in New Haven-based New England Linen Supply Company, which will help keep the supplier of uniforms, linen and textile products in Connecticut.
The investment was made as part of the state’s revamped Insurance Reinvestment Fund Program, which provides tax credits to insurance companies that pour money into Connecticut businesses.
The financing will enable New England Linen Supply Company to maintain 72 employees at its New Haven operating facility and position the company for potential growth in Connecticut.Â
“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 of 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.”
