AVON, Conn. — Advantage Capital Partners, a venture capital and small-business finance firm, in partnership with investment management firm Ironwood Capital, has provided up to $7.1 million in financing to New England Linen Supply Co.
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 is headquartered in and operates from New Haven, Conn., as well as from an affiliated company in New Jersey, and serves customers from the Boston metropolitan area to greater Philadelphia.
The investment was made through Advantage Capital Connecticut Partners I, a fund created in connection with the Connecticut jobs statute, a bipartisan package intended to create jobs, spur innovation and strengthen the state’s economy.
“This financing demonstrates their commitment to invest in solid businesses located in neighborhoods that need jobs,” said Michael Vicchairelli, CEO of New England Linen Supply Co. “This investment ensures that our business remains and grows in New Haven.”