The Bottom Line: NewSpring Invests in First Impression Ironworks
June 24, 2021
The company operates in a large, fragmented, and fast-expanding market with ample room for continued growth
First Impression Ironworks primarily serves the Phoenix and Tucson, Arizona areas, two housing markets that have experienced record buying and selling activity in recent years. Considering 90% of Arizona homes are more than 10 years old, the Sunbelt metro areas are prime for strong home remodeling growth in the near future. The company has identified attractive geographies nearby for expansion as well as several strategic M&A opportunities that will help power its continued growth.
Digital Fuel Capital’s digital marketing and sales expertise will fuel organic growth
NewSpring’s partner in the transaction, Digital Fuel Capital, has extensive experience in the digital marketing space and is well positioned to help First Impression Ironworks maximize its direct-to-consumer sales process. The company has already identified several ways to improve First Impression Ironworks’ website, online brand visibility, and marketing strategy to help increase leads and conversions. Together with NewSpring’s operational guidance, the capital raised from this transaction will be used to fuel the company’s growth in the Arizona area and surrounding geographies.
First Impression Ironworks’ experienced management team has positioned the company well for continued fast growth
Mark Baraghimian has a long track record of building home improvement and residential products businesses. He and the rest of the company’s management team are dedicated to finding new ways to strategically drive First Impression Ironworks’ expansion in the Arizona and surrounding areas.
“As home building and remodeling trends continue to take hold across Arizona and the surrounding areas, we see ample opportunity for First Impression Ironworks to expand its reach of custom-made iron products to a wider range of customers looking to differentiate their homes,” said Steve Hobman, New Spring General Partner. “Mark and his team have done a tremendous job growing the business and we’re thrilled to work with them to fine-tune their sales and marketing processes in ways that will take the company to the next level.”
“For years, First Impression Ironworks has delivered the highest-quality custom-made products on the market to homeowners seeking American-made signature pieces for their homes. By locally-sourcing all materials and controlling the process from design all the way through to installation, we are able to ensure customer satisfaction by delivering products that meet their exact specifications in a short turnaround period. We know our business has room for continued growth and we’re excited to work with our partners at NewSpring and Digital Fuel Capital to reach new levels of success.”