Wind Point Partners has partnered with building products executive Dave Ulmer to acquire Ox Engineered Products, a specialty manufacturer of structural sheathing and thermal insulation building products, and a division of Hanover, PA-based Ox Industries.
As part of the transaction, Wind Point acquired Ox Industries’ engineered products division, including its Michigan and Illinois facilities and the company’s building products brands. Ox Industries will continue to operate its remaining paperboard and packaging businesses separately.
Ox’s building products are sold to both the residential and commercial end-markets nationwide. From its facility in Constantine, MI, Ox manufactures laminated fibrous board sheathing and is considered to be the largest US provider of this product.
From its facility near Decatur in Charleston, IL, the company produces structural and non-structural polyisocyanurate (PIR or polyiso) foam sheathing products which are typically used as rigid thermal insulation (www.oxengineeredproducts.com).
“Ox is a well-established leader in cost-effective, alternative sheathing solutions for homebuilders and commercial builders and the company’s products deliver a strong value proposition for customers both on cost and performance,” said Paul Peterson, a Managing Director at Wind Point. “We are particularly excited to be partnering with Dave Ulmer, who brings strong leadership and a wealth of industry experience.”
With the closing of the transaction, Dave Ulmer has joined Ox as its CEO. Mr. Ulmer most recently served as President and CEO of The Tapco Group, a manufacturer of exterior building products specializing in siding, decking, and other high-performance exterior components. In May 2017, The Tapco Group was acquired by Sydney-based Boral Limited, a multinational manufacturer of building and construction materials.
“I am extremely excited to join the Ox team and lead the organization through its next phase of growth,” said Mr. Ulmer. “We plan to build on Ox’s excellent foundation by expanding geographic scope for our customers, developing new products, and executing complementary add-on acquisitions. Residential and commercial builders alike require innovative, energy-efficient solutions at a reasonable cost, and Ox’s products provide just that. With the backing of Wind Point, we plan to invest in Ox’s growth to best service these customers’ needs.”
Wind Point invests from $30 million to $150 million in companies with revenues from $100 million to $500 million and EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. Wind Point was founded in 1984 and is based in Chicago. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history (www.wppartners.com).
Financing for the transaction was provided by PennantPark Investment Advisers (www.pennantpark.com) and Eaglehill Advisors (www.eaglehillcapital.com).
© 2018 Private Equity Professional | March 2, 2018
Tribus Aerospace, a portfolio company of Shorehill Capital, has acquired Precision Aerospace Corporation and its sister company Precision Micro Mill.
Mr. Hoyer, President and sole owner of both PAC and PMM, will continue as President of both companies and will become a shareholder in Tribus Aerospace. “Bill has built an impressive business at PAC, with significant growth potential across a range of attractive commercial and military platforms. We are excited to partner with Bill and his teams at PAC and PMM,” said Doug Knoch, a Managing Director at Shorehill Capital.
Shorehill Capital makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values of $25 million to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital. Shorehill is based in Chicago (
JM Swank, a portfolio company of Platinum Equity, has acquired Lentz Milling Company. Platinum acquired JM Swank, a food ingredient sourcing and distribution business, from ConAgra Foods in June 2016.
“JM Swank is the perfect fit for our company,” said Mr. Lentz. “This transaction will allow us to continue running our existing operations while providing greater access to capital and an expanded product line that we can offer to both new and existing customers.”
JM Swank sources and distributes more than 3,000 ingredients including grains; beans and breading; cocoa, chips, and nuts; sweeteners; dairy and eggs; flavors, sauces, broths and vinegars; fruit and vegetables; and spices, seasonings and seeds. The company transports more than 800 million pounds of products annually and operates 19 warehouses and five distribution centers located across the country. The company is led by CEO Shawn Meaney and is headquartered north of Iowa City in North Liberty, IA (
“Following the carve-out from ConAgra in June 2016, JM Swank became an outstanding platform for growth as a standalone company,” said Adam Cooper, a Platinum Equity Principal. “We are pleased that Ted Lentz has confidence in our ability to support Lentz Milling in the next chapter of its evolution and we are actively seeking other similar opportunities to broaden JM Swank’s reach and expand its capabilities.”
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion buyout fund which closed in March 2017. Platinum Equity has completed more than 200 acquisitions since its founding in 1995. The firm is based in Beverly Hills with additional offices in New York and London (
