Incline Equity Partners (“Incline”), a Pittsburgh-based private equity firm, is pleased to announce the signing of a definitive sale agreement for Specialty Products and Insulation (“SPI” or the “Company”), a leading distributor and fabricator of insulation and complementary products. Incline acquired the Company in December 2021. SPI will be acquired by TopBuild, a leading installer and distributor of insulation and building material products. The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Headquartered in Charlotte, NC, SPI supplies mechanical, building and spray foam insulation products used in thermal, acoustic and fire protection applications. The Company’s wide range of SKUs and technical fabrication capabilities serve the unique needs of contractors in commercial, industrial, residential, marine and OEM markets. SPI distributes out of 89 facilities throughout the United States and Canada.
“Since partnering with Incline, we have experienced incredible growth and completed eight accretive acquisitions,” said Ray Sears, CEO at SPI. “We significantly strengthened the business by product lines, introducing new markets and adding 30 facilities to our network.”
“To improve the pace of acquisition activity, we invested in a dedicated M&A and integration team,” said Michael Antonelli, Managing Director at Incline. “In addition, we optimized the go-to-market strategy and hired key sales leaders to help accelerate organic growth. We are proud of what we have accomplished with Ray and the SPI team.”
About Incline Equity Partners:
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in distribution, business services and manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.
Disclaimer:
Incline Management, L.P. (“IMLP”) is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. Registration as an investment adviser does not imply a certain level of skill or training. IMLP provides investment advisory services only to privately offered funds. IMLP does not solicit or make its services available to the public or other advisory clients. This press release is intended solely to provide information regarding Incline’s potential capabilities for prospective portfolio companies, and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities. The statements contained herein are not statements of any IMLP client fund or investor and do not describe any experience with or endorsement of IMLP as an investment adviser by any such client or investor.
