Foundation Investment Partners has acquired the assets of Akron, Ohio-based Discount Drainage Supplies, a regional supplier and distributor of drainage and construction products. The sellers were Jim and Pete Gory. No financial terms were disclosed.
CLEVELAND (PRWEB) MARCH 05, 2018
Private equity firm, Foundation Investment Partners (FIP), announced today that it has purchased the assets of Discount Drainage Supplies (Discount Drainage or DDS), from Jim and Pete Gory. The purchase includes DDS locations in Akron, Columbus and Cincinnati. Terms of the transaction were not disclosed. DDS is a regional supplier and distributor of drainage and construction products.
“Discount Drainage has been highly successful and will fit into our model quite well,” said David Wood, FIP managing partner. “We will continue the world class standards of Discount Drainage, providing additional tactical support, strategic guidance and financial resources.”
Jim and Pete Gory added, “Customers will continue to be our primary focus, and we expect that this ownership change will have no effect on Discount Drainage’s core values of service, savings and availability.”
Discount Drainage, headquartered in Akron, Ohio, is Ohio’s independent leader in service, savings and inventory of drainage pipe and related products, including culvert pipes, PVC piping, septic supplies and more. A complete list of the company’s products and brands carried can be found at http://www.discountdrainage.com.
About Foundation Investment Partners
Foundation Investment Partners is a private equity firm focused on acquiring niche manufacturers, high value-added distributors, outsourced business service providers, and niche software developers with EBITDA levels of $1 million to $6 million. FIP’s operating model focuses on partnering with the owners or operators of smaller businesses to provide the support, guidance and resources necessary to grow the business.