Ironwood Buys Itself Back

Ironwood Investment Management announced that its founders and employees have bought back a majority stake in their company, from Centre Partners portfolio company MB Investment Partners & Associates. No financial terms were disclosed. MB will retain a minority stake.

PRESS RELEASE
Ironwood Investment Management, LLC announced today that April 30, 2008 marked the closing of a transaction that restores Ironwood as an independent, majority employee owned
investment management firm. The transaction establishes a Board of Directors to provide guidance for strategic initiatives and maintaining best practices as well as providing for greater employee ownership.

Warren Isabelle and Don Collins, the two principals will own the
majority share of the firm while the remaining minority share will be
controlled by a combination of MB Investment Partners & Associates, LLC and Centre Partners, a New York based private equity firm. Both minority shareholder organizations will have a member on the Board of Directors and Ironwood will continue to use MB Investment Partners & Associates, LLC for some shared services.

Ironwood Portfolio Manager Don Collins said, “This transaction reflects our commitment to superior investment management service and our response to employees and clients' desire for control and independence.”

Portfolio Manager Warren Isabelle reiterated, “We are excited about our re-emergence as an independent investment management firm with the infrastructure in place to accelerate our growth into other investment strategies using Ironwood's proven investment approach of in-depth company analysis.”

Ironwood Investment Management is a leader in small cap investing with over $500 million in asset under management. Ironwood currently offers several different small cap strategies to institutions and high net worth individuals including a small cap mutual fund. Ironwood Small Cap Core Strategy is managed by Don Collins and seeks superior returns by taking advantage of overreactions to short term events and conditions. The Small Company Stock Strategy is managed by Warren Isabelle and invests in companies that are undervalued or mispriced by the markets. The Concentrated Small Company Stock Strategy is a small-cap/micro cap special situation fund that invests in small companies with strong growth prospects and emerging products.