Altus Capital Partners said on Monday that it has closed the sale of Thermafiber, a provider of mineral wool insulation products, to Owens Corning, a producer of residential and commercial building materials. No financial terms were disclosed. BB&T Capital Markets provided financial advice to Thermafiber, which is based in Wabash, Indiana.
WILTON, Conn.–(BUSINESS WIRE)–Altus Capital Partners, Inc. (“Altus”), a private equity investment firm focused on niche middle market manufacturing companies in the U.S., today announced the closing of the sale of Thermafiber, Inc., a leading producer of mineral wool insulation products for commercial, industrial and horticultural applications, to Owens Corning (NYSE: OC), a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. Thermafiber’s products are used in a wide variety of applications requiring thermal, acoustic and fire safety attributes.
Thermafiber, based in Wabash, Indiana and founded in 1934, is part of Altus’ first fund, Altus Capital Partners, L.P., which launched in 2004. This is the third sale of an Altus portfolio company in the past two years. Details of the transaction were not disclosed.
Altus acquired Thermafiber in 2007, along with members of senior management and other investors. During its ownership, Altus supported management in evaluating and executing various growth initiatives.
Greg Greenberg, Co-Founder and Senior Partner, Altus Capital Partners, said, “Thermafiber’s exceptional management team and employees, led by Steve Edris in conjunction with Altus’ support, focused on overall margin improvements, gains in market share and successfully developing and bringing new product offerings to the market. As a result, Steve and his team were effective in strengthening Thermafiber’s leadership position in the industry.”
Thermafiber President and CEO Steve Edris said, “We thank Greg and the Altus team for the time we spent together on this investment and we look forward to working with Owens Corning and applying their expertise to benefit customers who pursue mineral wool insulation applications.”
Sale of the transaction was represented by BB&T Capital Markets.
About Altus Capital Partners
Headquartered in Wilton, CT with offices in Lincolnshire, IL, Altus Capital Partners invests alongside management in profitable small to medium-sized manufacturing companies domiciled in the U.S. that have proprietary technologies, processes and products. The Altus investment team is led by three partners, who, in 17 years of investing together, have acquired 24 platform companies. For more information on Altus, please visit www.altuscapitalpartners.com.