Crossroads C&I, which is backed by Distribution International Co., said Friday that it has closed its acquisition of GlassCell Isofab Inc.. No financial terms were disclosed. Headquartered in Toronto, GlassCell Isofab is a distributor and maker of thermal and acoustical insulation products. Houston, Texas-based Distribution International is a portfolio company of Audax Private Equity and The CapStreet Group. Update: Crossroads C&I was sold to Distribution International by Canadian private equity firm Yellow Point Equity Partners in July 2012.
HOUSTON–(BUSINESS WIRE)–Crossroads C&I, a Distribution International Company, announced it has completed the acquisition of GlassCell Isofab, Inc. Headquartered in Toronto and operating nine locations in central and eastern Canada, GlassCell Isofab is a distributor and fabricator of thermal and acoustical insulation products. Distribution International (DI), based in Houston, Texas, is a portfolio company of Audax Private Equity (“Audax”) and The CapStreet Group (“CapStreet”).
“We are excited to add the GlassCell Isofab team to our business and further extend our footprint across Canada. Together we will continue to offer the highest quality products and service in the market.”
Celeste Mastin, Chief Executive Officer of Distribution International said, “GlassCell Isofab is a great addition to Crossroads C&I and Distribution International. I look forward to working with the GlassCell Isofab team, as our management cultures share a common focus on providing the very best in customer service.”
Martin Bates, President of Crossroads C&I said, “We are excited to add the GlassCell Isofab team to our business and further extend our footprint across Canada. Together we will continue to offer the highest quality products and service in the market.”
Bob Fellows, Regional Director of Central and Eastern Canada—(previously VP Sales and Marketing at GlassCell Isofab) said, “This acquisition is a positive outcome for our employees, customers, and vendors. In joining Crossroads, a Distribution International Company, we will be able to expand our product offering, geographic footprint, and fabrication capabilities while maintaining the standards of service that our customers have come to expect. I am looking forward to working with Martin Bates, Korey Haun and my new colleagues at Crossroads C&I.”
Distribution International is a value added distributor of insulation, related specialty fabricated products, and safety supplies to the industrial, commercial, and marine end markets. Together, DI, Crossroads, and GlassCell serve industrial, commercial and marine customers from distribution centers in Texas, Louisiana, Mississippi, Alabama, Arkansas, Tennessee, Kentucky, Missouri, Michigan, South Carolina, North Carolina, Virginia, Maryland, New York, and New Jersey in the United States, as well as British Columbia, Alberta, Ontario, Quebec, and Nova Scotia in Canada.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.
ABOUT THE CAPSTREET GROUP
The CapStreet Group, founded in 1990, focuses on investments in lower middle market, privately-held businesses headquartered in Texas and other Sunbelt states. Since inception, the firm has raised approximately $700 million of private equity capital. For more information visit The CapStreet Group website www.capstreet.com.
Stikeman Elliot LLP and Kirkland & Ellis LLP served as legal counsel to Audax and CapStreet.
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