2005 Investment - Exited at loss in 2012
North American Specialty Glass ("NASG") designs, manufactures and markets high security window systems and components for the transportation, architectural and other markets. Its products provide blast, ballistic, impact and forced entry protection for railroad locomotives, passenger trains, armored cars and trucks, military vehicles and ships, secure building sites and other applications. NASG's products are the window system of choice in advanced intercity and commuter train systems in North America.
During Ironwood's investment, the Company made substantial improvements in manufacturing efficiency and new product development. NASG also acquired a highly complementary OEM and aftermarket locomotive window and door producer in 2007 with Ironwood's assistance. Unfortunately, despite substantial capital support and the recruitment of stronger senior management, the Company's senior lender grew fatigued and declined to further extend the maturity of the senior credit facility. This forced the filing of a petition in bankruptcy in 2012.
