Drew Foam Companies, a portfolio company of Branford Castle, has acquired Davis Core & Pad from its owner Joel Davis.
Davis Core is a designer and manufacturer of expanded polystyrene (EPS) foam packaging products that are used in a variety of end-markets including consumer perishables, IT products, and office furniture.
The company was founded over 40 years ago and is headquartered 70 miles northwest of Atlanta in Cave Spring, Georgia.
Drew Foam is a designer and manufacturer of expanded polystyrene foam products used in industrial, construction, cold chain pharmaceutical and food applications, and consumer markets. The company makes more than 20,000 different products for more than 700 customers every month. Drew Foam, founded in 1965 and led by CEO Bill Givens, has three manufacturing facilities in Monticello, Arkansas (headquarters); Portland, Tennessee; and Anderson, South Carolina.
Branford Castle acquired Drew Foam from Gladstone Investment Corporation in June 2018. “Drew Foam has achieved strong growth since Branford Castle invested in the company a year and a half ago,” said Laurence Lederer, a senior managing director at Branford Castle. “The acquisition of Davis Core further strengthens the company’s leadership position in the Southeast and allows us to augment our capabilities in the shape molding segment of the EPS market.”
New York City-based Branford Castle invests in companies that have enterprise values of up to $100 million and EBITDAs of less than $15 million. Sectors of interest include consumer products and services, commercial distribution, industrials and specialty manufacturing, business services, and logistics.
Between its founding in 1986 (by John K. Castle who also founded Castle Harlan) to 2016, Branford Castle operated as a family office. In October 2016, the firm held a final close of its first fund that was open to outside investors. The buy of Davis Core is the 13th transaction for this fund.
© 2019 Private Equity Professional | November 21, 2019