Branford Castle Partners has sold Drew Foam to Wynnchurch Capital. No financial terms were disclosed. Headquartered in Monticello, Arkansas, Drew Foam is a custom fabricator of expanded polystyrene foam used in packaging and building products.
NEW YORK, Nov. 9, 2020 – Branford Castle Partners has sold its portfolio company Drew Foam to Wynnchurch Capital. Drew is the Southeast’s leading custom fabricator of expanded polystyrene foam used in packaging and building products. Acquired in 2018, Drew’s earnings nearly doubled under Branford’s ownership mainly through organic sales growth.
“Our partnership with President & CEO Bill Givens has been incredible,” said Laurence Lederer, a Senior Managing Director for Branford. “Drew’s unique business model allowed it to achieve significant heights despite challenging economic times. This investment outperformed our optimistic expectations.”
John S. Castle, CEO of Branford, said, “We are delighted with this highly successful investment for Branford and our limited partners.”
“During our partnership with Branford, Drew Foam has achieved the highest record performance in our 50-year history,” said Bill Givens. “We are looking forward to the company’s next chapter with Wynnchurch Capital and capitalizing on further growth opportunities in the market.”
Deloitte Corporate Finance LLC served as financial advisor and Akerman LLP served as legal counsel to Drew Foam. Terms of the transaction were not disclosed.
About Branford Castle Partners (http://www.branfordcastle.com/)
Branford Castle is a private market investor with a more than 30-year history of helping to grow businesses. The firm typically makes control investments in companies with less than $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers. Branford has particular expertise in industrials/specialty manufacturing, consumer products and services, commercial distribution, business services and logistics.
Additional Drew Foam Information (http://www.drewfoam.com/)
Headquartered in Monticello, AR, Drew Foam has manufacturing facilities in Portland, TN, Anderson, SC and Cave Spring, GA and offers a differentiated “Just-In-Time” delivery platform to its customers.