Foundation Investment Partners has acquired the assets of Discount Drainage Supplies from Jim Gory and Pete Gory.
Discount Drainage Supplies is a stocking distributor of drainage and construction products, including culvert pipes, PVC piping, and septic supplies. The company has three locations in Ohio and is headquartered in Akron (www.discountdrainage.com).
Foundation Investment Partners invests in companies that have EBITDA from $1 million to $6 million and EBITDA margins greater than 7.5%. Sectors of interest include niche manufacturing, value-added distribution, outsourced business services, and software. The firm was founded and is led by its managing partner David Wood and is headquartered near Cleveland in Chagrin Falls, OH (www.foundationpartners.net).
“Discount Drainage has been highly successful and will fit into our model quite well,” said Mr. Wood. “We will continue the world-class standards of Discount Drainage, providing additional tactical support, strategic guidance and financial resources.”
Generational Capital (www.gencm.com), a Dallas-based investment bank, was the financial advisor to Discount Drainage. “Finding a group that would maintain the well-established high operational standards of the company and its employees was of the highest importance to the owners of Discount Drainage,” said Tom Staszak, a Senior Managing Director at Generational Capital. “David and his team at Foundation Investment Partners, being Ohio-based, were a perfect fit.”
© 2018 Private Equity Professional | April 25, 2018