Crossroads C&I has acquired GlassCell Isofab, a distributor of insulation products. Crossroads C&I is a subsidiary of Distribution International, which is a portfolio company of Audax Private Equity and The CapStreet Group.
GlassCell Isofab is a distributor and fabricator of thermal and acoustical insulation products. The company has nine locations in central and eastern Canada and is headquartered in Toronto (www.crossroadsci.com).
Distribution International is a distributor of insulation, related specialty fabricated products, and safety supplies to the industrial, commercial, and marine end markets. With the completion of this acquisition, the company serves industrial, commercial and marine customers from distribution centers in Texas, Louisiana, Mississippi, Alabama, Arkansas, Tennessee, Kentucky, Missouri, Michigan, South Carolina, North Carolina, Virginia, Maryland, New York, and New Jersey in the United States, as well as British Columbia, Alberta, Ontario, Quebec, and Nova Scotia in Canada. Distribution International is headquartered in Houston (www.distributionintl.com).
“GlassCell Isofab is a great addition to Crossroads C&I and Distribution International. I look forward to working with the GlassCell Isofab team, as our management cultures share a common focus on providing the very best in customer service,” said Celeste Mastin, Chief Executive Officer of Distribution International.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
CapStreet invests in companies with EBITDAs between $5 million and $15 million that are located in Texas and other Sunbelt states. Since founding in 1990, CapStreet has raised approximately $700 million of private equity, completed 35 portfolio company investments and completed more than 250 add-on acquisitions. The firm is based in Houston (www.capstreet.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-5-13