Flanders Corporation, a portfolio company of Insight Equity, has acquired the assets of Pronamic Industries. This is the first add-on completed by Flanders since it was acquired by Insight Equity in May 2012.
Pronamic manufactures, sells, and distributes fiberglass media and materials that are used in air filtration applications. The company’s products are used in retail and commercial air filters, paint booth filters, composites, and higher-end air filter applications. Pronamic is headquartered about 80 miles east of Raleigh in Washington, NC (www.pronamicindustries.com).
Since its inception in 2013, Pronamic has transformed an empty manufacturing space in Washington, NC in to a significant fiberglass media manufacturing facility. “Pronamic is a unique company that has built the first new, fully operational fiberglass media manufacturing plant in the United States in several years,” said Ted Beneski, Chairman of Flanders and Managing Partner of Insight Equity. “Their team’s successful start-up has been impressive.”
Flanders Corporation designs, manufactures, and sells air filters and other related products. Flanders’ products are utilized in a variety of applications including commercial and residential heating, ventilation and air conditioning systems; semiconductor manufacturing; ultra-pure materials; biotechnology; pharmaceuticals; synthetics; nuclear power; and nuclear materials processing. The company was founded in 1950 and is headquartered in Washington, NC (www.flanderscorp.com).
“The vision to go into fiberglass manufacturing has been one under consideration at Flanders for many years,” said Harry Smith, Vice Chairman of Flanders. “The founding and ramp-up of Pronamic enabled there to be a business local to Flanders’ headquarters that could focus solely on building and continuously improving a fiberglass media operation while Flanders could focus on its core business of manufacturing, assembling, and selling air filters and related products to its customers.”
Pronamic represents the second investment by Insight Equity in the filtration space. “Insight Equity’s long-term outlook on the air filtration sector remains very positive,” said Brad Buser, a Principal at Insight Equity. “The combination of Flanders and Pronamic will ensure that we have sufficient fiberglass supply to service our customers as we continue to grow and will also enable us to seek new revenue opportunities in additional fiberglass media end uses. We are very pleased to have completed this acquisition.”
Insight Equity makes control investments in middle market, asset intensive companies across a range of industries and specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm is based near Dallas in Southlake, TX and also has an office in New York (www.insightequity.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-18-15
