Altus Capital Partners has sold its portfolio company Thermafiber, a producer of mineral wool insulation products, to Owens Corning. Altus acquired Thermafiber in 2007.
Thermafiber is a manufacturer of mineral wool insulation products for commercial, industrial, and horticultural applications. Thermafiber’s products are used in a variety of applications requiring thermal, acoustic and fire safety attributes. The company was founded in 1934 and is headquartered in Wabash, IN (www.thermafiber.com).
“Thermafiber’s exceptional management team and employees, led by Steve Edris in conjunction with Altus’ support, focused on overall margin improvements, gains in market share and successfully developing and bringing new product offerings to the market. As a result, Steve and his team were effective in strengthening Thermafiber’s leadership position in the industry,” said Greg Greenberg, Co-Founder and Senior Partner, Altus Capital Partners.
BB&T Capital Markets served as the exclusive financial advisor to Thermafiber on its sale to Owens Corning.
Owens Corning (NYSE: OC) is a producer of residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems. Owens Corning had sales of $5.2 billion in 2012 and is based in Toledo, OH (www.owenscorning.com).
Altus Capital Partners invests in corporate divestitures, management-led buyouts, and privately held or family-owned businesses with manufacturing operations based primarily in the Midwest and Eastern regions of the United States. Target companies will have at least $5 million of EBITDA and an enterprise value from $30 million to $100 million. The firm is headquartered in Wilton, CT with an additional office in Lincolnshire, IL (www.altuscapitalpartners.com).
“We thank Greg Greenberg and the Altus team for the time we spent together on this investment and we look forward to working with Owens Corning and applying their expertise to benefit customers who pursue mineral wool insulation applications,” said Thermafiber President and CEO Steve Edris.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-2-13
