Wynnchurch Capital has acquired Insulation Corporation of America, a maker of expanded polystyrene foam products for applications. No financial terms were disclosed. Wynnchurch will merge ICA with portfolio companies Drew Foam Companies Inc and Huntington Foam LLC.
ROSEMONT, Ill.–(BUSINESS WIRE)–Wynnchurch Capital, L.P. (“Wynnchurch”) announced today that it has acquired Insulation Corporation of America (“ICA” or the “Company”). ICA is a manufacturer of expanded polystyrene (“EPS”) foam products for applications including building insulation, infrastructure construction, packaging, cold chain and other applications across the northeastern U.S. ICA will unite under one platform with Drew Foam Companies, Inc. (“Drew”) and Huntington Foam, LLC (“Huntington”), both Wynnchurch portfolio companies.
Paul Ciolino, Partner at Wynnchurch, said, “The acquisition of ICA is a natural fit with Drew and Huntington and will strengthen our platform by expanding its reach into new, unserved markets. We believe ICA has a very bright future and are excited to support the Company’s future growth.”
Erin Murphy, Managing Director at Wynnchurch, said, “Drew, Huntington, and ICA will combine to form a market leading foam products provider focused on customer service and quality. We are excited about the future opportunities for this growing investment platform.”
Wynnchurch Capital is actively seeking investment opportunities for its $2.277 billion Fund V. In September, Wynnchurch made its first Fund V platform equity investment when it acquired Labrie Environmental Group, a leading manufacturer of refuse collection vehicles across North America. Other recent Wynnchurch investments include: Pennsylvania Machine Works, a fully integrated manufacturer of high pressure forged fittings and branch connections; Western Forge & Flange, a leading manufacturer of high-quality, specialty forgings and flanges; Clyde Industries, a leading designer and manufacturer of sootblowers, a critical component within recovery, power, and steam boilers; and Eastern Metal Supply, a leading value-added distributor of aluminum extrusions and related products.
About Insulation Corporation of America:
Founded in 1981 and based in Allentown, PA, ICA is a manufacturer of EPS foam products for building insulation, infrastructure construction, packaging, cold chain and more in the northeast U.S. market. The Company has differentiated itself in its market through excellent customer service and lead times, as well as high flexibility to effectively serve its customer base. For more information, please visit: https://www.insulationcorp.com.
About Huntington Foam, LLC:
Established in 1992, Huntington is a leading solutions provider of custom EPS, EPP and ARCEL product in the U.S. and Mexico. The Company is one of few industry participants with the technological capability to manufacture custom EPS, EPP, and ARCEL foam products. Huntington’s protective packaging products are used in the shipping and handling of high value products across the appliance, cold chain and other diversified markets. The Company also provides OEM parts for automotive and construction applications. The Company is headquartered in Greer, South Carolina, and operates seven manufacturing facilities across the U.S. and Mexico. For more information, please visit: https://www.hunt-sol.com.
About Drew Foam Companies, Inc.:
Founded in 1965, Drew is a leading manufacturer of custom EPS block and shape molding products in the Southeast U.S. The Company offers a diverse product offering, high level of customer service and a differentiated just-in-time delivery model. The Company is headquartered in Monticello, Arkansas, and operates manufacturing facilities in Tennessee, South Carolina and Georgia. For more information, please visit: https://www.drewfoam.com.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California and Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.