Wind Point buys Ox Engineered Products

Wind Point Partners has acquired Constantine, Michigan-based Ox Engineered Products, a specialty maker of structural sheathing and thermal insulation building products. No financial terms were disclosed for the deal that was done in partnership with Dave Ulmer. Reed Smith LLP was legal counsel to Wind Point on the transaction.


Chicago, IL, February 28, 2018 – Wind Point Partners, a leading Chicago-based private equity firm, has partnered with experienced building products executive Dave Ulmer to acquire Ox Engineered Products (“Ox” or the “Company”), a leading specialty manufacturer of structural sheathing and thermal insulation building products.

Ox, based in Constantine, Michigan, isthe largest U.S. provider of alternative laminated fibrous board sheathing solutions. Ox also produces structural and non-structural polyisocyanurate (“polyiso”) foam sheathing products out of an automated facility in Charleston, Illinois. Leveraging these strategically-located Midwest facilities, Ox serves both residential and commercial end-markets nationwide.

Paul Peterson, Managing Director at Wind Point, commented, “Ox is a well-established leader in cost-effective, alternative sheathing solutions for homebuilders and commercial builders. Ox’s products deliver a strong value proposition for customers both on cost and performance.” Peterson added, “We are particularly excited to be partnering with Dave Ulmer, who brings strong leadership and a wealth of industry experience.”

Industry veteran Dave Ulmer has joined Ox as CEO. Ulmer most recently served as President and CEO of The Tapco Group, a global manufacturer of innovative exterior building products specializing in siding, decking, and other high performance exterior components. Leading Tapco as CEO, and previously COO, for over 15 years, Dave has extensive experience producing innovative products and supplying end customers through both wholesale distribution and retail channels.

“I am extremely excited to join the Ox team and lead the organization through its next phase of growth,” commented Ulmer. “We plan to build on Ox’s excellent foundation by expanding geographic scope for our customers, developing new products, and executing complementary add-on acquisitions. Residential and commercial builders alike require innovative, energy-efficient solutions at a reasonable cost, and Ox’s products provide just that. With the backing of Wind Point, we plan to invest in Ox’s growth to best service these customers’ needs.”

The investment in Ox is a great example of Wind Point’s strategy of acquiring an entrepreneur-owned business in need of a new leader in one of the firm’s core sectors. Wind Point will seek to further grow the Company both organically and through add-on acquisitions, leveraging the firm’s experience in the specialty materials and engineered products industries. Select previous Wind Point investments in these industries include Aurora Plastics, Novolex, Argotec, and Paragon Films.

Ox Engineered Products was a division of Hanover, Pennsylvania-based Ox Industries. As part of the transaction, Wind Point acquired Ox Industries’ engineered products division, including both the Michigan and Illinois facilities and the building products brands. Ox Industries will continue to operate its remaining paperboard and packaging businesses separately.

Financing for the transaction was provided by funds managed by PennantPark Investment Advisers, LLC and Eaglehill Advisors LLC. Reed Smith LLP served as legal counsel to Wind Point, and BKD, LLP provided transaction advisory services in connection with the transaction.

About Ox Engineered Products
Ox Engineered Products is a manufacturer of insulated and non-insulated structural sheathing. Ox also manufactures residential and commercial grade polyiso foam insulation. The Company is headquartered in Michigan and currently operates out of two production facilities in Constantine, Michigan and Charleston, Illinois.

About Wind Point Partners
Wind Point Partners is a leading Chicago-based private equity investment firm with over $2 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products, and business services sectors. Wind Point is currently investing out of Wind Point Partners VIII, a $985 million fund that was initiated in 2016.

Additional information about Wind Point is available at