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Friedman Fleischer & Lowe completes acquisition of Icynene

U.S. mid-market private equity firm Friedman Fleischer & Lowe (FFL) has closed its buy of Icynene Group Ltd, a Mississauga, Ontario-based manufacturer and distributor of spray polyurethane foam insulation products. The financial terms of the transaction were not disclosed. Update: The company said the partnership with FFL will lend resources and expertise to help it grow and capture new market opportunities.

PRESS RELEASE

SAN FRANCISCO—November 5, 2014— FFL, a private equity firm focused on growth investments in middle market companies, today announced that it has completed the acquisition of Icynene Group Limited (“Icynene”), a leading manufacturer and distributor of spray polyurethane foam insulation products. Terms of the private transaction were not disclosed. Headquartered in Mississauga, Ontario, Icynene offers a complete portfolio of high-performance open cell and closed cell spray foam insulation solutions.

Because of its products’ dramatic advantages over other types of insulation, Icynene has been chosen for countless prestigious projects, including the US Department of Energy’s Building America project, the Yale University Building Project Program, and the winning homes of the NAHB Energy Value Housing Award. In the past 25 years, more than 4 billion board feet of Icynene spray foam insulation has been installed in nearly 500,000 residential and commercial projects. Contractors install Icynene’s spray foam insulation in walls, ceilings, floors, attics, and hard-to-insulate areas across a diverse set of construction end markets, including new custom residential, new production residential, commercial, remodeling, and specialty non-construction applications. Unlike conventional insulation products, spray foam creates an air barrier which significantly reduces heat loss caused by convection and air leakage.

“We are extremely excited to partner with FFL who has a strong track record of partnering with management teams to create growth, as well as a deep knowledge of the building products industry,” said Howard Deck, CEO of Icynene. “The additional resources and business expertise FFL brings will help Icynene continue our momentum and capture new market opportunities.” “Icynene has done a tremendous job of creating a strong brand and high quality products,” said Greg Long, Director of FFL. “We look forward to working with Howard and his team to support the company’s product innovation and growth.”

About FFL

FFL is a San Francisco-based US middle market private equity firm. For over fifteen years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations, and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL has $2.6 billion under management, and invests in consumer products and services, financial services, healthcare services, and business services. For more information, visit www.fflpartners.com.

About Icynene Group Limited

Based in Mississauga, Canada, Icynene Group Limited (“Icynene”) is a leading manufacturer and distributor of spray polyurethane foam insulation products. Contractors install spray foam insulation in walls, ceilings, floors, attics, and hard-to-insulate areas across a diverse set of construction end markets, including new custom residential, new production residential, commercial, remodeling, and specialty non-construction applications. For more information, visit www.icynene.com.

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