Audax and CapStreet Acquire Pacific Insulation

Audax and CapStreet Acquire Pacific Insulation

pacific insulation nf1Distribution International, a portfolio company of Audax Private Equity and The CapStreet Group, has acquired Pacific Insulation Company.  Distribution International (DI) was acquired by the two private equity firms in August 2010 from Grey Mountain Partners.

Pacific Insulation Company is a distributor and fabricator of industrial and commercial insulation. The company also offers refractory products, marine products, tools and accessories, mastics and adhesives, removable pads, and MRO products. Pacific Insulation is headquartered in Los Angeles (

Distribution International is a distributor of insulation, related specialty fabricated products, and safety supplies to the industrial, commercial, and marine end markets.  The company serves industrial, commercial and marine customers from distribution centers in Texas, Louisiana, Mississippi, Alabama, Arkansas, Tennessee, Kentucky, Missouri, Michigan, South Carolina, North Carolina, Virginia, Maryland, New York, and New Jersey in the United States, as well as British Columbia, Alberta, Ontario, Quebec, and Nova Scotia in Canada. The addition of Pacific expands DI’s footprint into California, Nevada, Arizona, and New Mexico while also adding another location in Texas.  Distribution International is headquartered in Houston (

Audax Private Equity and The CapStreet Group have grown Distribution International through add-on acquisitions.  In 2013, DI completed the acquisitions of Midwest Sales, a distributor of industrial and commercial insulation products based in Saginaw, MI; GlassCell Isofab, a distributor of insulation products based in Toronto; Insulation Services, a single-site distributor of thermal and acoustic insulation products based in Greenville, SC; and Mid-Tex Distribution Company, a distributor of thermal and acoustical insulation products based in San Antonio, TX.

celeste mastin nf1“With the purchase of Pacific, DI has added twelve locations and now has a presence in four additional states, providing a platform for growth in the western USA. The acquisition of Pacific allows DI to better serve our nation-wide customers by providing transcontinental service in both the USA and Canada. Pacific features a strong group of talented employees and we are very excited to have them on our team,” said Celeste Mastin, CEO of Distribution International.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing.  Audax has over $6 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (

CapStreet makes control investments in privately held, lower middle market companies that are headquartered in Texas and surrounding states. CapStreet targets industrial and diversified business service companies with annual EBITDA between $5 million and $20 million.  Since the firm’s founding in 1990, CapStreet has invested in 35 platform companies.  The firm is headquartered in Houston (

2014 PEPD • Private Equity’s Leading News Magazine • 9-9-14

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