IOP Keeps Building Union

Union Corrugating Company, a portfolio company of Industrial Opportunity Partners, has acquired Oakland Metal Buildings.

Oakland is a manufacturer and distributor of pre-engineered metal buildings that are used in commercial, post-frame/agricultural, and other industrial applications. Oakland’s customer base consists primarily of contractors and the company operates out of a single facility in Florence, AL with over 130,000 sq. ft. of manufacturing capacity (www.oaklandmetal.com).

IOP purchased Union Corrugating in December 2016 and the buy of Oakland is the company’s second add-on acquisition. In November 2018, it acquired Reed’s Metals, a Brookhaven, MS-based manufacturer and distributor of and pre-engineered metal buildings. Reed’s has more than 240 employees and seven manufacturing facilities located in the southeast.

Union is a manufacturer of metal roofing systems, roofing components and pre-engineered metal buildings that are used in residential, post frame/agricultural and commercial applications and are sold through lumber retailers, home centers, wholesalers, contractors and directly to consumers. Union is based in Fayetteville, NC with seventeen additional manufacturing and distribution facilities located throughout the Southeast, Mid-Atlantic and Midwest. The company is led by CEO Keith Medick (www.unioncorrugating.com).

“The addition of Oakland significantly increases our manufacturing capacity for metal buildings and allows us to continue growing that business while also giving us a location in the Alabama market from which to sell Union’s metal roofing products,” said Mr. Medick.

“It is very exciting to have Oakland join Union Corrugating,” said Dave Mackin, an IOP operating principal. “We believe Oakland’s management team has built a great company and look forward to expanding the business across Union’s served geography.”

IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $400 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).

© 2019 Private Equity Professional | September 26, 2019

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