IOP-backed Creative Foam buys Aetna Felt assets

Creative Foam Corporation, which is backed by Industrial Opportunity Partners, has acquired Aetna Felt Corp's assets.

Creative Foam Corporation, which is backed by Industrial Opportunity Partners, has acquired Aetna Felt Corp’s assets. No financial terms were disclosed. Aetna is a provider of felt and other non-woven material solutions.

PRESS RELEASE

Evanston, Ill., November 19, 2020 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that its existing portfolio company Creative Foam Corporation (“Creative Foam”), has acquired the assets of Aetna Felt Corp. (“Aetna” or the “Company”). Terms of the transaction were not disclosed.

Aetna is a converter, fabricator, and distributor of felt and other non-woven material solutions. The Company offers an extensive line of podiatry and foot-care products to medical distributors, hospitals, schools, surgery and health centers, government facilities, and private label markets. In addition, Aetna provides non-woven material products to the industrial, consumer, crafts, and various other end-markets.

Creative Foam, acquired by IOP in 2017, is a manufacturer and supplier of custom-engineered die-cut, formed foam, nonwoven and multi-material component solutions to the transportation, healthcare, and wind-energy markets.

Phil Fioravante, the Chairman of Creative Foam and IOP Operating Principal, noted, “It is very exciting to have Aetna join our portfolio company Creative Foam. We believe Aetna has a strong position in its served markets, particularly in podiatry and footcare, and we look forward to offering our combined capabilities to customers to better serve them.”

“The acquisition of Aetna is an excellent fit for Creative Foam and our growing healthcare division,” said David Swallow, President of Creative Foam. “Aetna provides access to a variety of complementary end-markets and customers that we believe will benefit from Creative Foam’s innovative culture and technical resources.”

About Aetna
Aetna is a converter, fabricator, and distributor of felt and other non-woven materials to the podiatry, industrial, consumer, and various other end-markets. Aetna was founded in 1929 and is based in Allentown, Pa. For more information, visit Aetna’s websites at www.aetnafelt.com and www.aetnafootproducts.com.

About Creative Foam
Creative Foam is a manufacturer and supplier of custom-engineered die-cut, formed foam, nonwoven and multi-material component solutions to the transportation, healthcare, and wind-energy markets. Creative Foam was founded in 1969 and is headquartered in Fenton, Mich. Its 11 facilities across North America, including in Michigan, Indiana, Colorado, Ohio, Tennessee, and Mexico, feature over one million square feet of production space. For more information, visit Creative Foam’s website at www.creativefoam.com.

About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $450 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.