Therm-All is a value-added fabricator and distributor of metal building insulation (“MBI”) materials and related products serving commercial and industrial end-markets across the U.S. and Canada

How We Partnered

Transaction Dynamics

As part of the Specialty Products and Insulation transaction, Incline retained Therm-All, SPI’s metal building insulation brand, as well as Dispro, a Canadian mechanical insulation distributor.

Investment Thesis

• Unique business model with strong, value-added capabilities and comprehensive product offerings
• Market leadership position with expansive operational footprint, strategically located to service the Company’s loyal customer base
• Large and growing addressable market with favorable long-term tailwinds

Incline Value Enhancement

• Pursue greenfield locations to increase density and penetrate underserved geographies
• Accelerate organic growth through sales initiatives and optimized branch-level performance
• Expand into adjacent product categories and end markets
• Pursue strategic M&A opportunities